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14.05.26 - 22:12
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India Panics, Further Tightens Gold Flows As Rupee Collapses (ZeroHedge)
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India Panics, Further Tightens Gold Flows As Rupee Collapses
Well, that escalated quickly...
With the Rupee accelerating its declines to ever lower record lows against the dollar, Indian authorities have stepped up capital controls, focusing on curbing demand in the gold 'exit' route.
4 days ago, there were no signs of import duty hikes as Prime Minister Narendra Modi issued a rare weekend appeal urging citizens to forgo gold purchases as well as unnecessary foreign travel in order to help hold up the currency..
2 days ago, tariffs were more than doubled on gold and silver imports to 15% and 6% respectively.
And today, they are doing even more with India now tightening the advance authorisation route, effectively capping how much gold individual exporters can bring in through that channel.
A government notification stated that imports of bullion exceeding 100 kilograms would be subject to prior authorization, adding that any subsequent imports would only be granted after exports equival...
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13.05.26 - 11:30
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Rupee at 95.74: INR hits all-time low as oil prices pressure economy (Times of India)
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The Indian rupee hit a new low against the US dollar, pressured by rising oil prices and external debt. Analysts link the decline to the US-Iran conflict, which has boosted crude oil costs and strained India's economy. While the RBI and government are intervening, markets anticipate potential interest rate hikes to stabilize the currency and manage inflation....
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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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