Budget Buzz: Customs duty on gold and silver cut from 12.5% to 7.5%

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The finance minister Nirmala Sitharaman reduced customs duty on gold and silver from 12.5% to 7.5%. She noted that Gold and silver presently attract a basic customs duty of 12.5%. Since the duty was raised from 10% in July 2019, prices of precious metals have risen sharply. To bring it closer to previous levels, we are rationalising customs duty on gold and silver.

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