By Admin 
Gold Silver Import Duties: Yesterday, in his address, Prime Minister Narendra Modi had appealed to the people not to buy gold for a year. After which a huge fall was recorded in the shares of jewelery companies in the stock market on Monday. Due to which there was panic among the investors that now the import duty on gold and silver is going to increase. However, now the government itself has made this thing clear by giving its response.
Will import duty be imposed on gold and silver?
In fact, on Monday, a government source told news agency Reuters that the government is not making any such planning at present. At present no import duty is being increased on gold and silver. According to recent indications from the government, policy makers are adopting the strategy of convincing people instead of increasing taxes or imposing restrictions on imports.
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India is the second largest consumer of gold and silver in the world. In such a situation, special attention is kept on the import of gold, because it affects the country’s trade deficit and foreign exchange reserves. Gold imports in India during FY2025 are estimated at around $58–60 billion, which is one of the highest levels ever. This increase in gold imports was seen after the Union Budget 2024, when the government reduced the custom duty on gold from 15% to 6%. After this the import of gold increased rapidly.
PM’s statement
Let us tell you that during an address in Hyderabad yesterday, PM Narendra Modi had asked people to avoid unnecessary purchase of gold for a year amid tension in the Middle East and rising prices of crude oil. He advised people to reduce fuel consumption, take holidays abroad and postpone buying gold for now. The government fears that due to tensions related to Iran and increasing concerns over the Strait of Hormuz, oil prices may increase, which may impact India’s economy.
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