Indians Will Pay More for Gold After Government Hikes Duty to 15%
BeInCrypto
The Indian government has increased import duties on gold and silver to 15% to help stabilize the economy amid currency devaluation.Summary
The Indian government has raised import duties on gold and silver from 6% to 15% to address a widening trade deficit and protect the struggling rupee. This decision follows Prime Minister Narendra Modi’s public appeal for citizens to reduce gold consumption and fuel usage due to economic pressures from geopolitical tensions. As the world's second-largest gold consumer, India relies heavily on imports, and the new tax aims to curb demand and mitigate the impact of the rupee's record-low performance against the U.S. dollar.
(Source：BeInCrypto)