India Raises Gold, Silver Import Tariffs to Protect Foreign Exchange Reserves
Updated
Updated · Reuters · May 11
India Raises Gold, Silver Import Tariffs to Protect Foreign Exchange Reserves
8 articles · Updated · Reuters · May 11
Government orders issued Wednesday raised India’s import tariffs on gold and silver, marking a fresh step to restrain inflows of the two precious metals.
The move is aimed at curbing overseas purchases that drain foreign currency and add pressure to India’s foreign exchange reserves.
By making imported bullion costlier, New Delhi is trying to temper domestic demand for gold and silver through higher border taxes.
With India's rupee at a record low, are gold tariffs enough to prevent a full-blown economic crisis?
Could tapping into India's massive household gold reserves be the real key to fixing its trade deficit?