According to a notification issued by the Central Government on May 13, 2026, the import duty on gold and silver has been increased from 6 percent to 15 percent.
सोना न खरीदने वाली अपील के बाद मोदी सरकार का बड़ा फैसला, गोल्ड-सिल्वर पर इंपोर्ट ड्यूटी 6% से बढ़ाकर 15% कर दी
Prime Minister Modi has appealed to the citizens of the country to refrain from purchasing gold for at least one year. Meanwhile, taking a significant step, the Central Government has increased the import duty on gold, silver, and other precious metals. The new rates will come into effect starting Wednesday night.
According to a notification issued by the Central Government on May 13, 2026, the import duty on gold and silver has been raised from 6 percent to 15 percent. The government states that this decision has been taken with the objective of curbing the import of precious metals and alleviating the mounting pressure on the country’s foreign exchange reserves.
What will be the impact of the increased import duty?
The hike in import duty is likely to make gold and silver more expensive in India, which is expected to lead to a decline in their demand. Experts believe that this could help reduce the country’s trade deficit and also provide support to the Rupee, which has been among the weakest-performing currencies in Asia in recent times.
Why is India a major buyer of gold?
India ranks among the world’s largest consumers of gold and is considered the second-largest gold buyer globally, after China. The country witnesses an annual demand of approximately 700 to 800 tonnes of gold, whereas domestic production stands at a mere 1 to 2 tonnes. This implies that India imports nearly 90 percent of its gold requirements from abroad.
Payments for gold imports are made in US dollars; consequently, high import volumes directly impact the foreign exchange reserves. In the fiscal year 2025-26, India’s gold imports surged to approximately $72 billion—an increase of about 24 percent compared to the $58 billion recorded in the previous fiscal year.
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