Govt hikes gold duty to 15%, caps imports at 100kg; Modi urges wedding buyers to defer a year
Import duty on gold, silver and platinum jumps from 6% to 15% with a 100kg cap on duty-free Advance Authorisation imports. PM Modi's call to postpone wedding gold purchases for a year threatens jewellery retailer footfall as MCX gold slips 0.82% to Rs 1,60,133/10g.
What happened
Government of India · Government raised gold/silver/platinum import duty from 6% to 15% and capped duty-free gold imports at 100 kg under Advance Authorisation.
Key facts
- 100 kg gold import cap
- duty hike from 6% to 15%
- MCX gold Rs 1,60,133 per 10g (-0.82%)
- MCX silver Rs 2,81,551 per kg (-3.28%)
- global gold $4,615/oz (-0.8%)