India Increases Import Duty on Gold, Silver, and Platinum to Strengthen Rupee

Huge increase in import duty on gold and silver: The central government has directly increased the import duty from 6% to 15%. The new rates are effective from today. The big decision was taken after Prime Minister Narendra Modi's appeal to strengthen the rupee by stopping the increasing imports. Gold, silver and platinum will now attract 10% basic customs duty and 5% AIDC. House prices are expected to rise sharply.