India has no plans to raise gold and silver import duties
A government source says India will not raise gold or silver import duties. This follows PM Modi's request for citizens to avoid gold due to the Iran war.
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India has no plans to raise import duties on gold and silver, a government source said on May 11, a day after Prime Minister Narendra Modi urged people to avoid buying gold for a year due to the impact of the Iran war. India is the world's second-largest consumer of gold and the largest consumer of silver.
A government source said on Monday that there are no immediate plans to hike taxes on precious metal inflows. This clarification comes one day after Modi cited the impact of the war as a reason to curb domestic demand.
