- India collected Rs 10,463 crore in customs duty from precious metals between May 13 and Aug 2, 2026
- Gold imports accounted for Rs 10,040 crore of the total customs duty revenue collected
- Import duty on gold and silver rose to 15% from 6%, and platinum duty increased to 15.4%
India's higher import duty on gold, silver and platinum has already brought a big boost to the government's customs revenue.
The Centre collected Rs 10,463 crore in customs duty from precious metal imports between May 13 and August 2, 2026, according to data presented in Parliament.
Also, since the duty hike, authorities have also stepped up action against illegal gold imports. In just over six weeks, they seized more than 160 kg of gold and arrested 116 people.
The figures were shared by Minister of State for Finance Pankaj Chaudhary in a written reply in the Lok Sabha on August 10.
Gold Brings In Most Revenue
Gold accounted for almost the entire collection. The government earned Rs 10,040 crore from gold imports, including gold plated with platinum. Silver imports contributed another Rs 328 crore, while platinum brought in Rs 95 crore.
The numbers come after the government sharply raised import duties on precious metals from May 13. The effective import duty on gold and silver was increased to 15 per cent from 6 per cent. The duty on platinum went up to 15.4 per cent from 6.4 per cent. The higher rates also covered products such as gold and silver dore, coins and findings.
The move made imported precious metals more expensive. It was also aimed at discouraging non-essential imports and reducing pressure on India's foreign exchange outgo.
161 Kg Gold Seized After Duty Hike
Higher legal import costs have also raised concerns over gold being brought into India through illegal channels. The government has now shared details of its enforcement action.
Between May 13 and June 30, agencies registered 287 cases of illegal gold imports. They seized 160.91 kg of gold and arrested 116 people, according to Chaudhary's reply.
The government has said enforcement agencies are keeping a close watch on such activity. Minister of State for Commerce and Industry Jitin Prasada was asked whether the higher import duty could lead to more gold and silver smuggling.
In his written reply, Prasada said Customs field formations and the Directorate of Revenue Intelligence (DRI) are continuously monitoring smuggling activities and remain operationally prepared to detect and prevent them.
So far, the government's data shows two clear effects of the duty increase: higher revenue from legal imports and stronger enforcement against illegal imports.
How Much Gold Is Lying Unused In Indian Homes?
The government was also asked a question that has long interested anyone tracking India's gold holdings. Trinamool Congress MP Mala Roy asked whether the Centre had an estimate of gold lying unused in Indian households.
The answer was simple: there is no such official data. Chaudhary told the Lok Sabha that the government does not maintain data on the amount of idle gold held by families in India.
This means there is no official government figure for how much household gold is sitting unused in lockers, cupboards or bank vaults.
The government also clarified the position on the Reserve Bank of India's gold holdings. As of May 29, 2026, the physical stock of gold held as part of India's foreign exchange reserves stood at 880.52 tonnes, Chaudhary said.
He also addressed reports suggesting that the RBI had sold some of its gold. According to the government's response, the RBI clarified through a June 3 press release that it had not sold any gold. It said reports claiming otherwise were incorrect.
The clarification is important because RBI's gold holdings are part of the country's foreign exchange reserves.
