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. The step has been taken to ease pressure on the country’s foreign exchange reserves, Reuters reported. The sharp increase in duties comes just days after Prime Minister Narendra Modi urged Indians to avoid buying gold for a year in the national interest amid rising economic pressures linked to the ongoing Middle East conflict.
ALSO READ: India raises gold and silver tariffs to 15% to curb imports, support rupee
