India increases import duty on gold, silver findings

The Indian government has increased the import duty on gold and silver findings, used in making jewellery, and on precious metal coins to 15 per cent from 11 per cent, effective from January 22, to bring them in line with duties on gold and silver bars.

In a notification issued on Monday, India's Ministry of Finance also hiked the import duty on spent catalysts containing precious metals to 14.35 per cent from 10.1 per cent.

The move aims to prevent circumvention of the duty on gold and silver bars, a government official said, after a surge in imports in the last two months of gold findings: hooks, clasps and other components used to make jewellery.

• UAE residents' holiday dreams shattered after travel firm scams 'lucky draw winners', disappears