Govt Hikes Import Duty on Gold and Silver Coins, Jewellery Findings

The government has raised the import duty on gold and silver findings as well as coins of precious metals to 15 per cent, from 10 per cent at present, with effect from January 22.

Findings are items like hooks and clips which are components used for making jewellery. The step has been taken to benefit the domestic industry.

The new duty rate of 15 per cent, comprises a Basic Customs Duty (BCD) of 10 per cent and an additional 5 per cent under the All Industry Duty Drawback (AIDC). However, this increase does not apply to the Social Welfare Surcharge (SWS) exemption.

The government has also raised the import duty for spent catalysts that contain precious metals. The new duty rate is 14.35 per cent, which comprises a 10 per cent Basic Customs Duty and an additional 4.35 per cent under the All Industry Duty Drawback. The increase, however, is not applicable to the Social Welfare Surcharge (SWS) exemption.