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Budget 2019: Silver becomes more expensive as Govt increases customs duty by 2.5%

In anticipation of the budget, silver prices fell by Rs 45 to Rs 37,030 per kg in the futures trade on Friday amid profit bookings by speculators at the current level.

Budget 2019: Silver becomes more expensive as Govt increases customs duty by 2.5%
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New Delhi: Silver became more expensive because the customs duties on the metal were increased in Union Budget 2019, announced by Finance Minister Nirmala Sitharaman on Friday. The import duty on silver (including silver-plated with gold or platinum), unprocessed, semi-finished or in powder form, rose from 10% to 12.5%.

The import duty on gold was also increased to 12.5% ​​from the current level of 10%, which makes the precious metal more expensive.

In anticipation of the budget, silver prices fell by Rs 45 to Rs 37,030 per kg in the futures trade on Friday amid profit bookings by speculators at the current level.

India is the twelfth largest silver producer in the world. The country has one of & # 39; the world's largest silver markets and relies on imported metal to meet the requirements. Jewelry and silverware represent 50 percent of the total silver demand in the country.

Silver became more expensive in the last budget presented to Parliament in 2018. Silver was taxed at 3 percent of the total customs duties. In 2017, budget silver pulled a compensating task of 12.5 percent, which was zero in 2016.

The GST on Silver exists for 3 percent. Silver jewelry manufacturers strive for a refund of rights for foreign buyers, so that exports increase.

Hindustan Zinc from the Anil Agarwal-led Vedanta group is one of the largest companies involved in silver. The company produces 95 percent of the silver in the country.

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