The Union Budget has proposed 50% hike in custom duty on precious metals. The customs duty is levied at specific rates. It has proposed a hike in custom duty of Rs 300 per 10 gram on gold and platinum from the current Rs 200. It has also proposed to hike the customs duty on silver from the current Rs 1000 to Rs 1500 per kg. Rhodium - a precious metal used for polishing jewellery attracts a basic customs duty of 10 per cent. This is being reduced to 2 per cent.
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