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Indian Rupee: Import tariffs hike on Gold supports INR – BNY

BNY’s Bob Savage highlights that India has reversed earlier duty cuts by raising import tariffs on Gold and Silver to 15% from May 2026. The move aims to curb bullion imports, narrow the trade deficit and support the Rupee amid external pressures. Revised customs duties on precious metal findings and recyclable waste also target surging demand and currency weakness.

Higher duties to curb bullion imports

"India has raised import tariffs on gold and silver to 15%, effective May 13, 2026, reversing the 2024 duty cuts."

"The basic customs duty on gold and silver imports has increased to 10% from 5%, with an additional 5% agriculture infrastructure and development Cess levy aimed at curbing bullion imports, narrowing the trade deficit and supporting the rupee in the face of external pressures."

"Customs duties on precious metal findings and recyclable waste were also revised, with gold and silver findings now at 5%, platinum at 5.4% and spent catalysts at 4.35%."

"The move comes in response to surging bullion imports and a weakening rupee."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)

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