The transfer goals to stop circumvention of the obligation on gold and silver bars. (Representative picture)
Gold or silver findings are a small part resembling a hook, pin, screw that holds the entire or part of a bit of jewelry in place.
The Finance Ministry has hiked import duties on gold and silver findings and cash of treasured metals to fifteen per cent from the prevailing 10 per cent.
Import obligation on gold and silver findings and cash of treasured metals will now be 15 per cent. This contains Basic Custom Duty (BCD) of 10 per cent and 5 per cent of AIDC (Agriculture Infrastructure Development Cess), an official notification stated.
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This is exempt from Social Welfare Surcharge (SWC).
Gold or silver findings are a small part resembling a hook, pin, screw that holds the entire or part of a bit of jewelry in place.
The Ministry has additionally hiked import obligation on spent catalysts containing treasured metals. The obligation has been hiked to 14.35 per cent together with 10 Basic Custom Duty (BCD) and 4.35 per cent AIDC (Agriculture Infrastructure Development Cess) with exemption from SWS.
The new charges are efficient from January 22, the notification stated.
(With inputs from PTI)
