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13.05.26 - 07:19
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India More Than Doubles Gold, Silver Tariffs To Defend Crashing Rupee (ZeroHedge)
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India More Than Doubles Gold, Silver Tariffs To Defend Crashing Rupee
One day after vehemently denying speculation that India plans to raise duties on gold and silver imports following Prime Minister Narendra Modi's urging people to avoid buying gold for a year due to the impact of the Iran war, India did in fact raise import tariffs on gold and silver in an attempt to defend its currency, a surprise move as the country races to limit the damage from the Middle East war and to shore up foreign-exchange reserves.
The government has more than doubled import taxes on gold and silver to about 15% from 6%, according to two official orders, imposing a 10% basic customs duty alongside a 5% agriculture infrastructure and development levy.
The hikes, aiming to dampen demand in the world's second-largest bullion market, followed a rare weekend appeal from Prime Minister Narendra Modi in which he urged citizens to forgo gold purchases as well as unnecessary foreign travel in order to h...
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