India Raises Import Tax on Platinum

India's Finance Ministry raised the import tax on platinum from 10.75% to a total of 15.4%, IIFL Securities reported. The publication said it assumed the rate hike was intended to close a loophole that permitted huge profits for metals importers since some importers brought in refined gold masked as a platinum alloy. The import tax on gold stands at 15%, while tax on platinum alloy is 10% -- and the publication said it appeared there was "defect" in the official notice in that it "did not explicitly describe precious metal alloys," creating the possibility of "misdeclaration and duty evasion."