India rules out gold, silver import duty hike despite Modi's forex austerity push
Government sources confirm no plans to raise gold/silver import duties or curb international card spending, easing jewellery trade fears. Move comes as PM Modi urged citizens to cut fuel, overseas travel and gold spending to ease forex pressure. US trade talks resume next month.
Government sources clarified no plans to hike gold/silver import duties or restrict international card use, despite PM Modi urging reduced spending on fuel, overseas travel and gold to ease forex pressure. US trade talks resume next month.
Why this matters
Reverses the tightening stance seen when the Centre more than doubled gold and silver import duty to 15% to cool the bullion bill, signalling a softer touch on jewellery trade amid forex strain.
Retail-brand signals steady at 1,127 over the past 90 days.