FM Nirmala Sitharaman's Custom Duty Cut on Gold and Silver in Budget 2024
Tuesday, 23 July 2024, 07:02
Overview of the Custom Duty Cuts
In a pivotal announcement, Finance Minister Nirmala Sitharaman has declared a reduction in custom duty on gold and silver to 6%, effective from Budget 2024.
Details of the Announcement
- Custom duty on platinum is also cut to 6.5%.
- The decision is aimed at enhancing demand in the commodity market.
- This move is anticipated to reshape market pricing and availability.
Conclusion
The reduction in custom duties on precious metals indicates a favorable shift for consumers and the market, potentially relieving some pricing pressures in the commodity sector. Analyzing these changes will be vital for stakeholders moving forward.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.