Gold-Silver Duty Hike: After Prime Minister Modi’s appeal, the government’s big decision, import duty on gold and silver is now 15 percent

By Samira Vishwas On May 13, 2026

Big decision of the government after the appeal of Prime Minister Modi
Import duty on gold and silver is now 15 percent
The price increase is applicable from today itself

Gold-Silver Duty Hike News: Given the volatility in global markets and domestic economic calculations, Central Govt Gold and silver It has been decided to increase the import duty. The government has now increased this fee to 15 percent, and these new rates are effective from today. Due to this decision, the prices of gold and silver in the domestic market are likely to increase, on the other hand, experts have expressed the fear of increase in smuggling.

What is the new calculation of import duty?

According to a Reuters report, the government has imposed 10 percent ‘Basic Customs Duty’ and 5 percent ‘Agricultural Infrastructure and Development Cess’ (AIDC) on gold and silver imports. This has directly increased the total effective import duty from 6 percent to 15 percent. Surendra Mehta, national secretary of India Bullion and Jewelers Association (IBJA), said, “The government has taken this bold step to control the current account deficit (CAD). With gold prices already at record highs, this move could impact demand.”

Ministry of Finance updates customs duty rates for precious metals & findings vide Notification 16/2026-Customs, effective today (May 13).
Gold & Silver findings to attract 5% duty, Platinum findings at 5.4%. Precious metal spent catalyst set at 4.35%, subject to the fulfillment… pic.twitter.com/atSGTXjDTQ
— ANI (@ANI) May 13, 2026

Prime Minister Modi’s special appeal to the countrymen

India imports almost its entire gold consumption from abroad. In view of rising tensions in West Asia and the global economic crisis, Prime Minister Narendra Modi has made a special appeal to citizens. “Citizens should try to avoid buying gold for the next one year,” said the Prime Minister. The appeal is considered crucial to reduce the strain on foreign exchange reserves and maintain the value of the rupee.

Today’s Gold-Silver Price: Big shock to customers! A big increase in the price of gold across the country including Mumbai-Pune, silver also became expensive

Fear of increase in smuggling and warning of experts

Experts in the metal sector have predicted the possibility of a resurgence of gold smuggling due to the huge increase in import duty. When the duty was cut in mid-2024, there was a significant reduction in the amount of smuggling. However, now the increase in duty has created an opportunity for those bringing gold to India through illegal channels to get huge profits. According to a leading bullion dealer in Mumbai, “Given the current prices, this could be a huge opportunity for smugglers, which will affect the legitimate trade.”

Government’s efforts to reduce trade deficit

For the past few weeks, the Indian government has been trying to control gold imports. The government had earlier implemented the 3 percent Integrated Goods and Services Tax (IGST), which caused banks to freeze imports for a month. As a result, gold imports fell to a nearly 30-year low in April. Now, with the 15 percent increase in import duty, there is a possibility that the volume of imports will decrease further, which may have a positive impact on India’s trade deficit.

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