India, May 13 -- The Narendra Modi-led government increased customs duties on imports of precious metals, including gold and silver, from six per cent to 15 per cent, a move that comes after the Prime Minister's austerity push.

A government official said the measure is aimed at protecting macroeconomic stability, saving foreign exchange, and moderating non-essential imports amid the global uncertainty in the wake of the ongoing West Asia crisis, HT reported earlier.

Import duty on gold and silver has been raised from 6 per cent to 15 per cent, while the tariff on platinum has been increased from 6.4 per cent to 15.4 per cent. He further said that consequential changes have been made to other items, including gold and silver dore, coins,...