Concessional Customs Duty on Precious Metal Imports Raised to 10% under Notification No. 17/2026-Customs
The Central Government has substantially revised the concessional customs duty rate applicable to imports of gold, silver and platinum under Notification No. 57/2000-Customs by issuing Notification No. 17/2026-Customs dated 12 May 2026. The concessional rate prescribed for eligible imports under Sl. No. 1 of the original notification now stands increased to 10%, replacing the earlier rate of 4.35%.
This change forms part of a broader recalibration of the customs duty framework for bullion and precious metals, directly impacting nominated agencies, authorised importers and entities operating under specified export- and scheme-linked import frameworks.
Statutory Basis and Legal Framework
Exercise of Powers under Customs Act, 1962
The amendment has been carried out by the Ministry of Finance (Department of Revenue) in exercise of the authority granted under:
Section 25(1)of theCustoms Act, 1962 (52 of 1962)
Under this provision, the Central Government may exempt goods from customs duty, either wholly or partially, if it is satisfied that such exemption is required in the public interest. In this instance, the Government has used the same enabling power not to withdraw the concession entirely, but to modify the concessional rate upwards.
Core Amendment to Notification No. 57/2000-Customs
Notification No. 57/2000-Customs, dated 8 May 2000, has historically been the central notification granting concessional customs duty on imports of:
- Gold
- Silver
- Platinum
brought into India under certain specified schemes and channels.
Notification No. 17/2026-Customs introduces a targeted amendment only to the rate of duty specified against Sl. No. 1 of the Table contained in the principal notification.
The operative portion of the amendment is as follows:
In the said notification, in the TABLE, against Sl. No. 1, in column (4), for the entry “4.35%” wherever it occurs, “10%” shall be substituted.
Thus, every reference to 4.35% under column (4) corresponding to Sl. No. 1 now stands replaced by 10%, with effect from the notified date.
Historical Context of Notification No. 57/2000-Customs
Purpose and Coverage of the Principal Notification
Notification No. 57/2000-Customs (G.S.R. 413 (E), dated 8 May 2000) has functioned as a key instrument to provide preferential customs duty treatment on imports of gold, silver and platinum carried out under:
- Nominated agency routes
- Authorised importer schemes
- Certain export-focused schemes, including jewellery export operations
- Other trade-linked or scheme-based imports as specified therein
The primary objective of the principal notification has been to:
- Facilitate availability of bullion and precious metals at concessional duty rates.
- Support the jewellery manufacturing and export sector in India.
- Provide a regulated framework for precious metal imports through specified channels.
Over time, this notification has undergone multiple amendments to reflect changes in policy, market conditions and macroeconomic considerations.
Last Amendment before 2026 Change
Prior to the current revision, the notification was most recently amended through:
Notification No. 33/2024-Customs, dated 23 July 2024- Published vide G.S.R. 436 (E), dated 23 July 2024
Notification No. 17/2026-Customs is therefore the latest in a continuing series of modifications to the concessional scheme under Notification No. 57/2000-Customs.