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India hikes bullion import duties as the world's second-largest gold market faces a declining rupee
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- The government has imposed a 10% basic customs duty and a 5% tax on gold and silver imports, as per notifications issued on Wednesday.
- India's average monthly gold import rose to 83 tonnes in the first two months of 2026 from an average 53 tonnes in 2025, according to a World Gold Council report released last month.
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India, the world's second-largest gold consumer, has raised import duties on gold and silver to 15% from 6%, just days after Prime Minister Narendra Modi urged citizens to curb bullion purchases for a year as overseas purchases pressure the rupee.
The government has imposed a 10% basic customs duty and a 5% tax on gold and silver imports, as per notifications issued on Wednesday.
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