New Delhi, August 10, 2026 (Yes Punjab News)
The government collected Rs 10,463 crore in customs duty from imports of gold, silver and platinum between May 13 and August 2 following a sharp increase in import duties on the precious metals, Parliament was informed on Monday.
In a written reply to a question in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said gold imports accounted for Rs 10,040 crore of the collections, while silver contributed Rs 328 crore and platinum Rs 95 crore.
The combined collection from the three metals stood at Rs 10,463 crore during the period.
The government raised the import duty on gold and silver from 6 per cent to 15 per cent with effect from May 13. The duty on platinum was increased from 6.4 per cent to 15.4 per cent.
The changes also resulted in corresponding revisions to duties applicable to related products, including gold and silver dore, coins and findings.
Chaudhary said the duty increase was aimed at curbing discretionary imports and ensuring that foreign exchange was prioritised for essential imports, including crude oil, fertilisers, industrial raw materials and capital goods.
The decision came amid heightened global economic uncertainties, including the conflict in West Asia and the effective blockade of the Strait of Hormuz, which had contributed to higher prices of crude oil as well as food and fertiliser imports.
The government is also intensifying action against gold smuggling. The Finance Minister informed the Lok Sabha that enforcement agencies seized 161 kg of smuggled gold and arrested 116 people between May 13 and June 30.
India is the world’s second-largest consumer of gold after China, with jewellery demand accounting for a substantial share of imports. Since gold imports represent a significant outflow of foreign exchange, the commodity remains closely monitored by policymakers from a balance-of-payments perspective.
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