India is the world’s biggest importer of silver.
“I also propose to increase the import duty on silver dore, bars and articles to align them with that on gold and platinum,” Finance Minister Nirmala Sitharaman said, while she was presenting the Budget for 2023-24 in Parliament.
India raised its import duty on gold in July 2022.
The basic customs duty on silver was raised to 10% from 7.5% and Agriculture Infrastructure and Development Cess (AIDC) on the imports to 5% from 2.5%. Silver dore will carry a 10% basic import duty and 4.35% AIDC.
Local silver prices jumped by up to 2% after the duty changes.
The import duty on articles made of precious metals was increased to 25% from 22%. There has been no change in import duties on gold.