Gold imports fall 75% to 25-30 MT a month after duty hike; banks no longer designated importers, says senior FinMin official

Gold imports fall 75% to 25-30 MT a month after duty hike; banks no longer designated importers, says senior FinMin official

The official also said Customs has not notified banks as designated importers of gold from April 1, 2026, leaving only three nominated agencies, including MMTC, eligible to import the precious metal.

Gold Imports Drop 70 Percent To 30 Tonnes After Duty Hike: Official

Delhi/Hyderabad, june 18 (Maxim News) India’s gold imports have reduced about 70 percent to 25-30 tonnes after customs duty on the yellow metal was more than doubled to 15 per cent, an official said on Thursday. Here To Join Us On WhatsApp Effective May 13, import duty on gold and silver has been increased to 15 per cent from 6 per cent. “Gold imports have been reduced to 25-30 tonnes after an import duty hike in a month, from 75-100 tonnes earl…

India's Gold Market Slows as Weak Demand and Higher Import Duties Curb Imports

India’s gold market has witnessed a notable shift in price trends and investment activity in recent weeks, as global gold prices retreated from their early-2026 highs while domestic prices continued to post strong gains, supported by higher import duties and a weaker Indian rupee, according to the latest report by the World Gold Council (WGC).