India Hikes Gold Import Duty To 15% As Soaring Bullion Bill Strains Forex Reserves

India has raised the import duty on gold, silver, and other precious metals from 6 percent to 15 percent. This significant increase is part of the government's strategy to reduce non-essential imports, which have been placing pressure on the country's foreign exchange reserves. The decision comes amid rising global bullion prices and aims to stabilize the economy by discouraging excessive imports of luxury goods. The new tariff is expected to impact the jewelry industry and consumers in the domestic market.

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