India More Than Doubles Gold, Silver Tariffs to Defend the Rupee

TL;DR

India More Than Doubles Gold, Silver Tariffs to Defend Rupee India, the world's second-largest gold consumer, has raised import duties on gold and silver to 15% from 6%, just days after Prime Minister Narendra Modi urged citizens to curb bullion purchases for a year as overseas purchases pressure the rupee. The government has imposed a 10% basic customs duty and a 5% tax on gold and silver imports, as per notifications issued on Wednesday. India's average monthly gold import rose to 83 tonnes in the first two months of 2026 from an average 53 tonnes in 2025, according to a World Gold Council report released last month.