Government Collects ₹10,463 Crore Following Gold, Silver Import Duty Increase

The Government collected ₹10,463 crore in customs duty on gold, silver and platinum imports between May 13 and August 2, 2026, Minister of State for Finance Pankaj Chaudhary said in the Lok Sabha on August 10, 2026, as per news reports. 

Gold accounted for ₹10,040 crore of the amount. Silver imports brought in ₹328 crore in customs duty, while platinum contributed ₹95 crore. 

Gold and Silver Duty Doubled 

From May 13, 2026, the import duty on gold and silver was raised to 15% from 6%. The duty on platinum was increased to 15.4% from 6.4%. 

The revised rates also applied to gold and silver dore, coins and findings. The government had said the duty increase was meant to discourage discretionary imports and leave foreign exchange available for crude oil, fertilisers, industrial raw materials and capital goods. 

287 Gold Smuggling Cases 

The government also reported gold smuggling cases recorded after the duty increase. Between May 13, 2026, and June 30, 2026, customs authorities registered 287 cases involving illegal gold imports. 

During the same period, 160.91 kg of gold was seized and 116 people were arrested. These figures cover only up to June 30, 2026, while the customs duty collection data extends to August 2026. 

Higher Import Costs 

The duty increase came as the government was dealing with higher import costs for crude oil, food, and fertilisers. It had cited the war in West Asia and the effective blockade of the Strait of Hormuz. 

The government was also seeking to direct foreign exchange towards essential imports. Gold purchases from overseas add to foreign exchange outflows. 

India's Gold Consumption 

India is the world's second-largest gold consumer after China. Jewellery demand is a major source of gold imports. 

Chaudhary said the government does not maintain data on the quantity of unused gold held by Indian households. Gold accounted for more than 95% of the ₹10,463 crore collected in customs duty from the three metals during the period. 

Read More: India’s Fuel Demand Jumps 3% in July: What Changed in Petrol, Diesel and LPG Demand? 

Conclusion  

The higher import duties generated ₹10,463 crore in customs duty from the three precious metals during the period. Gold made up the largest share at ₹10,040 crore, followed by silver at ₹328 crore and platinum at ₹95 crore. 

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