HYDERABAD, (India): (Bernama) India on Wednesday (May 13) hiked import tax on gold and silver from six per cent to 15 per cent, days after Prime Minister Narendra Modi asked people to shun jewellery purchases to conserve foreign exchange.
India is trying to shield its economy from the impact of the war in West Asia by reducing its import bill and saving hard currency.
Gold imports in the world's second largest bullion consumer will attract 10 per cent basic customs duty and five per cent agriculture infrastructure and development cess from May 13 compared with the rate of five per cent and one per cent earlier, according to a Ministry of Finance notification.
India saw its gold imports rise 24 per cent to nearly US$72 billion in fiscal year 2025-2026.
Rising energy costs as a result of geopolitical flux in West Asia is also affecting the world's third-biggest oil and gas importer.
Modi, during his visit to Hyderabad on May 10, exhorted Indians to save fuel as well as shun foreign travel and gold purchases in the national interest. - Bernama
