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, government and industry officials told Reuters. Such masking was possible due to what a tax official said was a loophole created by a change in policy in July whereby differential import duties were levied on gold, silver and platinum, distinct from the previous policy of having the same taxes for all three precious metals. In July, New Delhi raised the import duty on gold to 15% but kept the tax on platinum imports unchanged at 10.75%.
Published in The Express Tribune, October 4th, 2022.
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