India raises gold and silver tariffs to 15% to curb imports, support rupee

New DelhiUpdated: May 13, 2026 06:55 AM IST The higher duties could lower the demand in India, which is the world's second-largest consumer of precious metals. (File photo)The government has hiked import tariffs on gold and silver to 15% from 6% in an effort to cut down on overseas purchases of the metals and ease pressure on the country’s foreign exchange reserves, news agency Reuters reported. The higher duties could lower the demand in India, which is the world’s second-largest consumer of precious metals, and help curb India’s trade ⁠deficit while ​supporting the rupee,.However, industry officials warned higher import taxes could revive smuggling, which had eased after India cut tariffs in mid-2024.