Government of India (GoI) increases customs duty on precious metals to 15%

Exam-focused facts from the 14 May 2026 current affairs briefing.

Key facts

The GoI has increased the effective import tax on gold and silver to 15% from the previous rate of 6%.
The 15% duty structure comprises a 10% basic customs duty and a 5% Agriculture Infrastructure and Development Cess (AIDC).
Customs duty on platinum imports has been raised to 15.4% from 6.4% to contain pressure on foreign exchange reserves during the West Asia crisis.
According to the World Gold Council (WGC), inflows into India’s gold exchange-traded funds (ETFs) surged 186% year-on-year to a record 20 metric tonnes during the March quarter.
The GoI previously implemented a 3% Integrated Goods and Services Tax (IGST) on gold and silver imports, leading to April gold imports hitting a near 30-year low.