India raises import duty on platinum to 15.4%

A salesman displays platinum bangles for the camera at a jewellery showroom in Mumbai April 17, 2012. REUTERS/Vivek Prakash/File Photo

MUMBAI, Oct 3 (Reuters) - India has raised total import duty on platinum to 15.4% from 10.75%, the government said in a notification on Monday, seeking to bring parity in import duty structure between gold and platinum.

In July, New Delhi raised import duty on gold to 15% but then kept the tax on platinum imports unchanged at 10.75%.

India's platinum imports in September jumped multifold to a record high as refiners imported a large amount of gold containing small amounts of platinum but registered the purchases with customs as platinum alloy to avoid paying higher duties. read more

Reporting by Rajendra Jadhav Editing by Mark Heinrich

Our Standards: The Thomson Reuters Trust Principles.