The Centre has collected Rs 10,463 crore in customs duty from gold, silver and platinum imports between May 13 and August 2, 2026, after sharply raising import duties on the precious metals, Parliament was informed on Monday.
The figures show the immediate revenue impact of the government's decision to make overseas purchases of precious metals more expensive. Gold accounted for the bulk of the collections, contributing Rs 10,040 crore during the period.
Minister of State for Finance Pankaj Chaudhary provided the figures in a written reply to a question in the Lok Sabha.
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Of the total Rs 10,463 crore collected, Rs 328 crore came from silver imports, while platinum contributed another Rs 95 crore.
The much larger gold collection reflects the country's significantly bigger gold import demand. India is the world's second-largest gold consumer after China, with jewellery manufacturing and consumer demand playing a major role in imports.
Gold imports also have a direct impact on India's foreign exchange outflows, making the government's decision to raise the import duty part of a wider effort to manage discretionary imports.
Import Duty Was Raised In May
The government increased the import duty on gold and silver to 15% from 6% with effect from May 13. The duty on platinum was raised to 15.4% from 6.4%.
The changes also extended to related products, including gold and silver dore, coins and findings.
The move was aimed at discouraging non-essential imports and ensuring that foreign exchange remains available for more critical requirements, including crude oil, fertilisers, industrial raw materials and capital goods.
The decision came against a difficult global backdrop. The conflict in West Asia and the effective disruption around the Strait of Hormuz had pushed up the cost of crude oil and food and fertiliser imports, adding pressure to India's import bill.
161 Kg Smuggled Gold Seized
The government also shared details of enforcement action against illegal gold imports.
Between May 13 and June 30, authorities seized 161 kg of smuggled gold and arrested 116 people, according to the finance ministry's response.
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The enforcement measures come as higher legal import costs could increase the incentive for some traders to bring precious metals into the country through illegal channels.
For India, the policy has therefore created two parallel outcomes: higher customs revenue from legitimate imports and increased attention on preventing smuggling.
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