The move comes amid the recent concerns on import of gold.
Recently, Prime Minister Narendra Modi called for postpone of gold purchases, amid the impact caused by war in West Asia.
“The import of gold also causes huge foreign exchange outflow. I urge all countrymen that until conditions normalize, we should postpone purchasing gold. There is no need for gold right now,” he had said.
India imported nearly USD 72 billion worth of gold in FY2026, up around 25 per cent year-on-year. Silver imports crossed USD 12 billion, recording an extraordinary 150 per cent annual increase.
The Indian government has also doubled the effective duty on gold and silver imports to 18.45 per cent from 9.18 per cent.
