Top News

Import duty increased on gold and silver, government’s big decision after PM Modi’s appeal, new rates applicable from today

Sanjeev Kumar | May 13, 2026 5:23 AM CST

Symbolic picture.

The central government has increased the import duty of gold, silver and other precious metals. This means that now you will have to pay more tax on importing gold, silver and platinum from abroad. The Finance Ministry issued several notifications for this on Tuesday. The new rates have come into effect from today (May 13). The government has increased the import duty on gold from 5% to 10%. Apart from this, Cess (AIDC) has also been increased.

According to the notification, the new rates are not only applicable on biscuits or bricks, but will also be applicable on small parts used in making jewelery like hooks, pins and screws. Apart from this, now 10 percent tax will also be imposed on the waste coming for extracting gold and silver from old metals.

How much has the import duty increased?

Till now, 5% import duty (BCD) and 1% cess (AIDC) was levied on gold. That means till now there was a total import duty of 6% on gold. Not only this, the import duty has also been increased on gold coming from UAE under fixed quota. Import duty from UAE was levied at concessional rate under fixed quantity quota. Let us tell you that in the budget of July 2024, the total import duty on gold was reduced from 15% to 6%. In this, Import Duty (BCD) was reduced from 10% to 5% and Cess (AIDC) was reduced from 5% to 1%.

Import duty on gold and other precious metals has been increased, and the revised rates will come into effect from midnight tonight. pic.twitter.com/7iWfOFp6j6
— IANS (@ians_india) May 12, 2026

India is the second largest consumer of gold in the world

Let us tell you that India is the second largest consumer of gold and silver in the world. In such a situation, special attention is kept on the import of gold, because it affects the country's trade deficit and foreign exchange reserves. Gold import in India during FY2025 has been around 58 to 60 billion dollars, which is one of the highest levels ever. This increase in gold imports was seen after the Union Budget 2024. In 2024, the government reduced the custom duty on gold from 15 percent to 6 percent, after which the import of gold increased rapidly.

PM Modi's appeal on gold

Recently, in an address, PM Modi had asked the countrymen not to buy gold for a year amid tension in the Middle East and rising prices of crude oil. He advised people to reduce the consumption of petrol and diesel and reduce foreign trips. The government fears that due to increasing concerns regarding the Strait of Hormuz, oil prices may increase, which may impact India's economy.

We are updating this news.

TV9 Bharatvarsh

TV9 Bharatvarsh is the flagship Hindi news platform of the digital TV9 network. On this website, readers are introduced to the latest news, breaking news, analysis and ground reporting from India and abroad. TV9's website tv9hindi.com holds its place among the major Hindi websites. TV9 Hindi also has its own mobile app, where news can be read and watched through both text and video. TV9 website covers news across diverse categories like politics, economy, sports, entertainment, health, tech and international affairs. Explainers, exclusive stories, video reports and live updates are available here. The digital segment of TV9 network has grown rapidly and reaches millions of unique users.