(May 13): India has raised import tariffs on gold and silver in an attempt to curb bullion purchases and defend its currency, as it grapples with the fallout from the Middle East war.
The government has effectively more than doubled the tariffs on gold and silver imports to about 15% from 6%, according to two official orders, imposing a 10% basic customs duty alongside a 5% agriculture infrastructure and development levy.
The higher import taxes will likely damp demand for the precious metals in the world’s second-biggest bullion market and help ease the trade deficit. The duty hikes follow Indian Prime Minister Narendra Modi’s unusual appeal for Indians to forgo gold purchases for at least a year to preserve foreign-exchange reserves, as soaring energy prices hurt the economy.
Uploaded by Arion Yeow
