Atiya Mujeeb
New Delhi, May 13: The Central Government has increased the import duty on gold and silver from 6% to 15% to reduce non-essential imports and save foreign exchange during the ongoing West Asia crisis.
The new rates came into effect on May 13 through changes in surcharge and cess announced by the Finance Ministry.
India’s gold imports rose over 24% to a record USD 71.98 billion in 2025-26, while gold prices also increased sharply. In Delhi, gold prices reached Rs 1,56,800 per 10 grams, while silver climbed to Rs 2,77,000 per kg.
Prime Minister Narendra Modi recently urged citizens to avoid unnecessary gold purchases and reduce fuel consumption to help conserve foreign exchange reserves.
The Indian rupee also touched a record low of 95.63 against the US dollar amid rising pressure from the West Asia crisis and higher oil import costs.
India is the world’s second-largest gold consumer after China, with most imports driven by the jewellery industry
