India Increases Gold and Silver Import Duties to 15%

May 13, 2026

40 min

May 13, 2026 04:31

India raises gold, silver import duty from 6 percent to 15 per cent to support Rupee

## Import Duty Hike

India has significantly increased import duties on gold and silver from 6% to 15%. This move aims to curb foreign purchases and alleviate pressure on the nation's foreign exchange reserves.

## Economic Impact

The decision is expected to reduce demand in India, the world's second-largest market for these metals. However, it may help in narrowing the trade deficit and supporting the rupee, which has been underperforming in Asia.

## Concerns Over Smuggling

Industry experts have raised concerns that the increased tariffs could lead to a resurgence in smuggling activities. Smuggling had previously decreased following a tariff reduction in 2024.

## New Tax Structure

The revised import duty includes a 10% basic customs duty and a 5% Agriculture Infrastructure and Development Cess, totaling an effective rate of 15%.

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