New Delhi, May 13 -- The Ministry of Finance on Wednesday raised import duties on gold and silver to 15 percent from 6 percent as part of a broader strategy to curb precious metal imports and conserve foreign exchange reserves amid mounting pressure from the ongoing West Asia crisis.
According to a notification issued by the finance ministry, the revised levy includes a 10 percent basic customs duty along with a 5 percent Agriculture Infrastructure and Development Cess (AIDC), taking the effective import duty on gold and silver to 15 percent from May 13.
Gold, Silver Import Duty Raised To 15%
The move follows rising concerns over Indias widening import bill, driven by elevated crude oil prices and geopolitical tensions in West Asia....