India has increased import duties on gold and silver to 15% from 6% as part of efforts to curb imports of the precious metals, reduce foreign exchange outflows and ease pressure on the rupee. The move comes after Indian Prime Minister Narendra Modi urged citizens to avoid buying gold for a year. Gold is one of India's largest imports alongside oil. Despite gold prices rising over the past year, Indians have continued to buy gold.
India hiked import duties on gold and silver to 15% from 6% as part of efforts to curb imports of the precious metals , reduce foreign exchange outflows and ease pressure on the rupee.
The move comes just days after Indian Prime Minister Narendra Modi urged citizens to avoid buying gold for a year. Gold is one of India's largest imports alongside oil. Despite gold prices rising over the past year, Indians have continued to buy gold. According to data from the World Gold Council, India's demand for the precious metal rose to 151 tonnes in the first quarter of this year, up 10% from the previous year. Rebecca Bundhun reports from Mumbai
India Import Duties Gold Silver Foreign Exchange Outflows Rupee Precious Metals Oil Gold Prices Indians World Gold Council Rebecca Bundhun Mumbai
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