India raises import duty on platinum to 15.4%

Last Updated: Oct 03, 2022, 07:11 PM IST

India has raised total import duty on platinum to 15.4% from 10.75%, the government said in a notification on Monday, seeking to bring parity in import duty structure between gold and platinum.

In July, New Delhi raised import duty on gold to 15% but then kept the tax on platinum imports unchanged at 10.75%.

India's platinum imports in September jumped multifold to a record high as refiners imported a large amount of gold containing small amounts of platinum but registered the purchases with customs as platinum alloy to avoid paying higher duties.

[Reuters]