Gold News | Gold, Silver Import Duties Hiked By Government

Added: 2026-05-16

[00:00:00]Well, you see breaking news coming in at this hour. We're learning that government has hiked the import duties on gold and [music] silver. That's right. The basic customs duty on gold and silver imports have been increased from 10 to 10% [music] from the earlier 5%. Now, the agriculture infrastructure development says on gold and silver imports has been raised [music] to 5% from the earlier 1%. The revised import duties on gold and silver will come into effect from the 13th of May. Well, our colleague Himanshu Shekhar joins us on the broadcast with the latest updates coming in. Himanshu, walk us through the details. What exactly has happened here?

[00:00:32]Uh the Department of Revenue in Ministry of Finance has issued a gazette notification, which clearly specifies that the government of India has in fact decided to revise the customs duty on gold, silver, and few other precious metals. And this is part of the largest strategy to discourage people from buying gold.

[00:00:55]Remember, India is a big importer of gold. And the idea is that after the import duty is increased on gold and silver, it will of course become more expensive to import gold. And that is the largest strategy a point that Prime Minister Modi couple of days back had also made, where he had said that people should avoid buying unnecessary gold and jewelry. And so, keeping in mind the larger objective of ensuring that the forex foreign exchange reserves are preserved. Uh the government of India has taken this decision, and this has come with immediate effect now. That's right.

[00:01:36]Right, absolutely, Himanshu. Thank you so much for joining us and sharing those updates with us.