Import duty on platinum has been elevated to a total of 15.4 per cent with impact from Monday via a notification by the Finance Ministry.
Platinum and palladium to be used in manufacture of valuable metallic chemical compounds, compounds (noble metallic compounds and options) and catalytic converters will proceed at primary customs duty of seven.5 per cent topic to IGCR. Rhodium can even proceed with BCD of two.5 per cent.
It is being presumed that the rise in duty on platinum is to plug a loophole which helps bullion importers to make report earnings.
As per reviews some bullion importers are importing refined gold disguised as platinum alloy.
Gold attracts 15 per cent import duty, as opposed to platinum alloy that invitations a duty of 10.75 per cent which observers say is a case of misdeclaration and duty violation.
There have been reviews that the customs had cleared consignments because the loophole within the notification haven’t clearly outlined alloys of valuable metals. The consignments of platinum alloy contained 96 per cent gold and a few importers are importing refined gold below the guise of platinum alloy and making bullion bars.
–IANS
san/arm
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