India hikes gold, silver import tariffs to 15% from 6% to curb imports, defend rupee
Government of India lifts duties on gold and silver to 15% (10% BCD + 5% AIDC) from 6%, with 3% IGST on top. Jewellers including Tanishq, Kalyan and Titan brace for demand shock; industry warns of smuggling revival. PM Modi urged citizens to skip gold purchases for a year.
India hiked gold and silver import tariffs to 15% from 6% to curb imports and support the rupee. Jewellers warn of demand hit and revival of smuggling; PM Modi also urged citizens to avoid gold purchases for a year.