[Indian Officials Confirm Cancellation of Tax Benefits for Precious Metal Imports, Raising Gold and Silver Import Costs] India has canceled tax benefits for banks and government-designated institutions importing gold, silver, and platinum, imposing a 3% tax on related imports, thereby increasing the import costs for the country's primary supply channels. On Thursday, India's Revenue Secretary Sanjay Malhotra stated that the Indian government has not extended the policy allowing banks to import precious metals without paying the Integrated Goods and Services Tax (IGST) beyond March 31. This move subjects all import channels for gold and silver to uniform tax treatment. Malhotra noted that the decision will take effect starting April 1, saying, 'We do not want tax policies to create preferential treatment for any specific import channel.' He added that the government had informed the Goods and Services Tax Council of this decision during a meeting held on Thursday.