Brief by Shorts91 Newsdesk / 07:41am on 13 May 2026,Wednesday Business
The Centre has increased import duties on gold and silver to 15% from 6% as part of efforts to reduce imports and ease pressure on India’s foreign exchange reserves. The revised structure includes a 10% basic customs duty and a 5% Agriculture Infrastructure and Development Cess (AIDC). The move comes days after Prime Minister Narendra Modi urged citizens to avoid buying gold for a year to help conserve foreign exchange amid global economic uncertainty. Industry bodies warned the sharp hike could hurt demand and revive gold smuggling, even as the government seeks to narrow the trade deficit and support the rupee. (PC: NDTV)
