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Govt hikes customs duty on gold, silver to 10%

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The government today raised import duty on gold and silver to curb sales in India.

With this revision, the import duty on gold has now shot up to 10% from the existing 8%. For silver, it is now 10% from 6% now.

Also, excise duty on refined gold produced through processing of dore bar (ores) has been raised from 7% earlier to 9% now.

The entire duty increase is set to add Rs 4,830 crore to the government's kitty.

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