NEW DELHI: India on Tuesday announced significant reduction in custom duties on gold and silver to 6% from 15%.
The announcement was made by Union finance minister Nirmala Sitharaman while presenting the Union Budget on Tuesday. Custom duty on platinum is also reduced to 6.4%. The decision is expected to benefit Non-resident Indians (NRIs) living abroad.
“To enhance domestic value addition in gold and precious metal jewellery in the country, I propose to reduce customs duties on gold and silver to 6 per cent and that on platinum to 6.4 per cent,” said Sitharaman.
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Meanwhile, customs duty on mobiles, chargers, and accessories has been reduced to 15%. The duty on gold and silver is now 6%, while platinum is set at 6.4%.
Silver prices are expected to come down after Union finance minister Nirmala Sitharaman announced a reduction in customs duties on gold and silver to 6% from 15% while presenting the Union Budget on Tuesday. Custom duty on platinum is also reduced to 6.4%.
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