In the recently presented Indian Union Budget 2024 Indian Finance Minister Nirmala Sitharaman had cut customs duty to 6% on Gold and Silver and the duty on platinum was reduced to 6.4 %.
Elaborating further on this the Indian Finance Minister Nirmala Sitharaman in her Budget 2024 speech said, “To enhance domestic value addition in gold and precious metal jewellery in the country, I propose to reduce customs duties on gold and silver to 6 per cent and that on platinum to 6.4 per cent.”
It may be worth noting that the import duty on gold and silver is down to 6% now, compared to 15% earlier. Platinum import duty is now down to 6.4% from 15.4% earlier.
The rates of 24 carat gold which are currently ₹72,700 per 10 grams will get cheaper by ₹2,800 whereas silver will get cheaper by ₹1,650 at ₹87,350 per kg and platinum is expected to cost ₹28,940 per 10 grams as per the Economic Times report.
Several manufacturers of gold, silver and platinum have already started passing on the benefit to the customers who will benefit from this rate cut. Shares of gold and jewellery companies have been in the green since the announcement.
