Current Affairs - Economy - Discussion

The Centre revised the customs duty on precious metals on May 13, 2026, to safeguard macroeconomic stability and conserve foreign exchange reserves. Under the revised structure, the import duty on gold and silver was increased significantly from 6% to 15%, while platinum duty was raised to 15.4%. The policy aims to reduce non-essential imports and ease pressure on India’s Current Account Deficit (CAD). The decision was also influenced by global crude oil volatility and supply-side disruptions affecting international trade and shipping. The Ministry of Finance manages such economic and taxation policies to maintain financial stability in the country.