India raises import duty on gold and silver to 15%
Business
India just bumped up import duties on gold and silver from 6% to 15%.
The new rate combines a 10% basic customs duty and a 5% Agriculture Infrastructure and Development Cess.
This move is meant to help steady the rupee and shrink the trade deficit.
Indian PM asks yearlong gold pause
With higher tariffs, buying gold or silver could get pricier, and demand is expected to drop.
Industry insiders say smuggling might pick up again, since it had slowed after earlier tariff cuts.
PM Modi has even asked people to hold off on buying gold for a year, hoping it will protect India's foreign reserves.