3 weeks ago
Precious metals duty hike nets Centre Rs 10,463 crore
When people in India buy gold, silver, or platinum from other countries, the government charges a tax called customs duty.
In May, the government made this tax much bigger, raising it on gold and silver from 6 percent to 15 percent.
It also raised the tax on platinum.
After that, the government collected a huge amount of money from gold brought into the country — over Rs 10,000 crore.
Adding silver and platinum, the total reached Rs 10,463 crore in less than three months.
Because gold became more expensive, some people tried to bring it into India secretly.
Government officers caught them, seizing about 160 kg of gold and arresting 116 people.
The government also said the country's central bank, the RBI, still holds 880.52 tonnes of gold and has not sold any of it.
Gold is very popular in India, and the country buys about $72 billion worth of it from abroad every year.
This tax money helps the government pay for things like roads, schools, and hospitals.
India raised customs duty on gold and silver from 6% to 15%, and on platinum from 6.4% to 15.4%, effective May 13.
The government collected Rs 10,040 crore in duty from gold imports between May 13 and August 2.
Silver imports added Rs 328 crore and platinum Rs 95 crore, bringing the combined total to Rs 10,463 crore.
Between May 13 and June 30, agencies registered 287 cases, seized 160.91 kg of illegally imported gold, and arrested 116 people.
Gold is one of India's major imports, worth $72 billion in 2025-26 (up 24% year-on-year), and RBI gold reserves stood at 880.52 tonnes.
- Who
- Minister of State for Finance Pankaj Chaudhary, who disclosed the figures in a written reply in the Lok Sabha.
- What
- Collection of Rs 10,463 crore in customs duty from gold, silver, and platinum imports after duties were raised, plus enforcement action against illegal gold imports.
- Where
- India; the data was reported in Parliament in New Delhi.
- When
- Between May 13 and August 2, 2026; disclosed to Parliament on August 10.
- Why
- Because the government raised import duties to 15% on gold and silver and 15.4% on platinum to discourage non-essential imports and reduce pressure on foreign exchange outgo.
Concern over smuggling
Government enforcement stance
Impact of higher duties on illegal gold imports
Concern over smuggling
Higher legal import costs raise concerns that gold may be brought into India through illegal channels, increasing smuggling.
Government enforcement stance
The government says Customs field formations and the Directorate of Revenue Intelligence continuously monitor smuggling activities and remain operationally prepared to detect and prevent them.
Key facts
- Revenue from gold imports
- Rs 10,040 crore
- Revenue from silver imports
- Rs 328 crore
- Revenue from platinum imports
- Rs 95 crore
- Total duty collection (gold, silver, platinum)
- Rs 10,463 crore
- New import duty on gold and silver
- 15% (raised from 6%)
- New import duty on platinum
- 15.4% (raised from 6.4%)
- Collection period
- May 13 - August 2
- Illegal gold import enforcement (May 13 - June 30)
- 287 cases, 160.91 kg gold seized, 116 arrests
Quotes
Pankaj Chaudhary
Minister of State for Finance, India
“The Centre collected Rs 10,463 crore in customs duty from precious metal imports between May 13 and August 2, 2026, according to data presented in Parliament.”
NDTV










