Here’s how much the Centre earned from higher import duties on gold, silver, platinum

The Centre has earned nearly ₹10,500 crore from higher import duties on precious metals that it levied earlier this year in the wake of the West Asia crisis.

Between May 13 and August 2, the higher import duty on gold (including gold plated with platinum) unwrought or in semi-manufactured forms, or in powder form, brought in ₹10,040 crore, the Lok Sabha was informed on Monday. Meanwhile, the higher import duty on silver brought in ₹328 crore and on platinum fetched another ₹95 crore in the same period. In all, this amounted to ₹10,463 crore.

“The effective customs duty on gold, silver and precious metal was increased with effect from May 13, 2026,” Minister of State for Finance Pankaj Chaudhary said in Lok Sabha in response to a question on revenue collected on gold, silver and precious metal.

Further, 160.91 kg of gold was seized, and 287 cases were filed while 116 persons were arrested between May 13 and June 30, the minister informed the House.

He also said that no data is maintained on the estimates of gold lying idle with households in the country.

Amid global volatility and rising prices of precious metals, the government took measures in May to contain the import bill, more than doubling the customs duty on gold and silver to 15% from 6% to contain forex reserves and the current account deficit amid the West Asia crisis.

The Directorate General of Foreign Trade (DGFT) also took measures to further restrict imports, including moving silver into the restricted category of imports, meaning that importers now need a license for silver imports, and capping duty-free gold imports at 100 kg per license under the advance authorisation scheme.

According to the World Gold Council, India's demand for gold fell by 6% year on year to 131.4 tonnes between April and June 2026, due to higher import duties and seasonally subdued sales.