In a bold bid to shield the rupee from the scorching heat of the Middle East conflict, India has decided to make its most sought-after precious metals significantly more expensive. The government hiked import tariffs on gold and silver from a modest 6% to a hefty 15%, effectively putting a premium on the nation's "safe haven" assets to help shore up foreign-exchange reserves.
The new math is simple but stinging: a 10% basic customs duty coupled with a 5% Agriculture Infrastructure and Development Cess (AIDC).
