Finance Minister Proposes Reduction in Customs Duties on Precious Metals in Union Budget 2024

New Delhi, Jul 23 (KNN) Finance Minister Nirmala Sitharaman, in her 2024 Union Budget speech, announced plans to reduce customs duties on precious metals.

The proposed changes would lower the customs duty on gold and silver to 6 per cent, while the duty on platinum would be reduced to 6.5 per cent.

This move is expected to impact the jewelry industry and potentially affect precious metal prices in the Indian market. The Finance Minister's proposal aims to adjust import costs for these valuable commodities.

The announcement was part of the broader Union Budget presentation, which outlines the government's financial plans and policies for the upcoming fiscal year.

The reduction in customs duties on gold, silver, and platinum could have significant implications for various sectors of the economy, including trade and manufacturing.

(KNN Bureau)