KONTAN.CO.ID - NEW DELHI. The Indian government has increased the import duty on gold and silver findings, used in making jewellery, and on precious metal coins to 15% from 11%, effective from Jan. 22, to bring them in line with duties on gold and silver bars. In a notification issued on Monday, India's Ministry of Finance also hiked the import duty on spent catalysts containing precious metals to 14.35% from 10.1%. The move aims to prevent circumvention of the duty on gold and silver bars, a government official said, after a surge in imports in the last two months of gold findings: hooks, clasps and other components used to make jewellery.
India Raises Import Duty on Gold, Silver Jewellery Findings
KONTAN.CO.ID - NEW DELHI. The Indian government has increased the import duty on gold and silver findings, used in making jewellery, and on precious metal coins to 15% from 11%, effective from Jan. 22, to bring them in line with duties on gold and silver bars. In a notification issued on Monday, India's Ministry of Finance also hiked the import duty on spent catalysts containing precious metals to 14.35% from 10.1%. The move aims to prevent circumvention of the duty on gold and silver bars, a government official said, after a surge in imports in the last two months of gold findings: hooks, clasps and other components used to make jewellery.