World Economy

India Eliminates Tax Exemption on Precious Metal Imports

India has rescinded a tax exemption for gold, silver and platinum shipments imported through banks and state-nominated agencies. The withdrawal subjects incoming bullion to a 3% levy, raising costs for supply channels serving one of the world's largest precious metals markets. The decision removes preferential treatment that had enabled lower-cost imports through authorized financial institutions and government-designated importers. Industry participants anticipate the tax will raise expenses across the bullion supply chain, potentially affecting downstream pricing. The move represents a policy shift by New Delhi regarding precious metals trade.