India restricts silver imports to protect reserves
The Indian government has moved certain high-purity silver products from the free to restricted import category with immediate effect. This decision follows a recent tariff hike to 15% and aims to narrow the trade deficit while easing pressure on the rupee amid rising global oil prices.
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India restricted imports of high-purity silver bars and specific grades with immediate effect. The government earlier raised import tariffs on silver and gold to 15% from 6% on Tuesday. These curbs aim to protect foreign exchange reserves and narrow a trade deficit pressured by elevated oil prices.
