India Increases Import Duty on Gold and Silver to 15%
Summary
The Indian government has increased customs duty on gold and silver imports from 6% to 15% to reduce the trade deficit and prevent further weakening of the rupee.
Key Points
- India raised customs duty on gold and silver imports from 6% to 15%.
- The hike includes a 10% basic customs duty and 5% Agriculture Infrastructure and Development Cess.
- The move aims to reduce trade deficit and pressure on foreign exchange reserves.
- Prime Minister Narendra Modi urged citizens to avoid buying gold to save foreign exchange.
