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Find all the economic and financial information on our Orishas Direct application to download on Play StoreAfter cases of abuse of the tariff differential between platinum and gold were revealed, India raised the import duty on the platinum at 15.4%, thus bringing it closer to gold according to a government official.
Platinum and palladium are imported for use in the manufacture of chemicals, compounds, and catalytic converters in precious metals will remain at 7.5%. According to a government official, platinum alloys containing only 4% platinum and the rest of the gold were cleared at a reduced rate of 11% and the increase will prevent the abuse of the duty gap.
In July, the Center had increased import duties on gold to include a 2.5% agricultural infrastructure development tax (AIDC), raising the total import duty & staple; 15%. However, it kept the tax on imported platinum unchanged at 10.75%.
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