New Delhi, May 13 -- The Centre has raised import tariffs on gold and silver to 15 per cent from 6 per cent as part of efforts to curb overseas purchases of the metals and ease pressure on the country's foreign exchange reserves.
The move comes after Prime Minister Narendra Modi appealed to citizens to avoid buying gold for a year to help conserve foreign exchange reserves. Global bullion prices are already soaring amid geopolitical uncertainty, volatile crude oil markets, and fears of a prolonged conflict in West Asia.
India imports nearly all the gold it consumes, so higher duties are expected to directly influence domestic gold prices, jewellery rates, and investment demand.
The move may help narrow India's trade deficit and support t...