New Delhi, The government on Wednesday announced a hike in customs duties on gold and silver to 15 per cent from 6 per cent as policymakers move to contain pressure on India’s foreign exchange reserves and the external account amid the ongoing West Asia conflict.

Moreover, the revised duty on platinum imports has been raised to 15.4 per cent from 6.4 per cent.

According to official changes, the revised structure imposes a 10 per cent basic customs duty along with a 5 per cent Agriculture Infrastructure and Development Cess (AIDC) on gold and silver imports, taking the effective import tax to 15 per cent.

The move comes as India’s import bill remains elevated, with precious metals among the key contributors to higher foreign exchange outflows.

The duty hike is expected to discourage inbound shipments and support macroeconomic stability.

India is among the world’s largest consumers of gold, with demand driven largely by jewellery, investment and festival-related purchases.