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.