Gold Duty Earns Centre ₹10,463 Crore
India collected ₹10,463 crore in customs duty from gold, silver and platinum imports in less than three months after sharply raising import duties on precious metals. Gold accounted for nearly the entire collection, while enforcement agencies also seized more than 160 kg of illegally imported gold following the duty increase.
Gold Import Duty Generates ₹10,040 Crore
Between May 13 and August 2, the Centre collected ₹10,040 crore from customs duties on gold and gold plated with platinum. Silver imports generated another ₹328 crore, while platinum contributed ₹95 crore.
India increased the effective import duty on gold and silver from 6% to 15% in May. The duty on platinum was raised from 6.4% to 15.4%.
The move was aimed at discouraging non-essential imports and reducing pressure on foreign exchange reserves.
Gold Smuggling Seizures Rise After Duty Hike
Authorities registered 287 cases involving illegal gold imports between May 13 and June 30.
During the same period, enforcement agencies seized 160.91 kg of gold and arrested 116 people. Customs authorities and other enforcement agencies continue to monitor smuggling activity following the higher duties.
Higher import taxes can widen the price difference between legally imported and smuggled gold, increasing concerns over illicit shipments.
RBI Holds Over 880 Tonnes of Gold
The government has also clarified that it does not maintain official data on the amount of unused gold held by Indian households.
Meanwhile, the Reserve Bank of India held 880.52 tonnes of physical gold as part of the country’s foreign exchange reserves as of May 29, 2026.
The RBI has also rejected reports suggesting that it had sold gold from its reserves.
