- Gold seizures rose to 161 kg from 86 kg after the duty hike from May 13 to June 30
- Silver seizures increased to 536 kg during the same period under government vigilance
- Customs and Directorate of Revenue Intelligence monitor gold and silver smuggling closely
Gold seizures rose to 161 kg from 86 kg after the duty hike on the precious metals from May 13 till June 30, according to a reply from the Commerce Ministry's reply to a query during Lok Sabha proceedings.
Silver seizures also jumped to 536 kg for the same period under consideration. The government stated that Customs and the Directorate of Revenue Intelligence are maintaining a constant vigil to curb the smuggling of gold and silver after the duty hike.
ALSO READ: Gold, Silver Imports To Turn Costlier: Govt Doubles Duty To 10% After PM Modi's Forex Warning
This development comes after the Centre doubled the import duty on gold, silver and platinum from an initial amount of 5% to 10% on May 13. The move was a part of the government's efforts to reduce the purchase of these aforementioned assets in a bid to guard the country's foreign exchange reserves in light of the continuing conflict taking place in West Asia.
Jewellery findings (jewellery findings, and precious metal-related industrial imports) and precious metal-related industrial imports are also covered under the duty hike.They have a customs duty of 5% in cases of gold and silver, whereas platinum findings are charged with a 5.4% levy.
The new regulations adjusted the import duties for spent catalysts and ash containing precious metals. The materials qualify for a reduced customs rate of 4.35%, which is likely a move aimed at encouraging recovery and recycling. That is, if they meet specific compliance and regulatory requirements.
ALSO READ: Govt Hikes Gold, Silver Base Import Prices Three Days After Cut
The central government also hiked the base import prices of gold and silver according to an official notification by Central Board of Indirect Taxes & Customs (CBIC) on June 15.
For gold, the base import price was increased to $5 per 10 grams or close to 0.37% to $1,348/10 gm. Whereas, for silver the base import price has been increased by $83/kg or nearly 4% to $ $2,175/kg.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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