India has more than doubled import tariffs on gold and silver in an effort to shore up the rupee and mitigate the economic disruption caused by higher energy prices and the Iran war.
Rising oil prices are putting pressure on the Indian currency and foreign exchange reserves.
The government’s decision to increase the import duty for both gold and silver from 6 per cent to 15 per cent comes just days after Prime Minister Narendra Modi asked Indians to curtail spending, especially on fuel, foreign travel and gold, all of which contribute significantly to India’s growing import bill.
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