In first step after PM Modi's appeal, government raises gold, silver duty to 15%

The government has raised customs duty on gold and silver to 15% from 6% to curb their imports and save foreign exchange for essentials. This move aims to balance India's current account deficit and comes after Prime Minister's appeal for prudence and austerity. Experts anticipate further action, including tightening of the Liberalised Remittance Scheme, to limit foreign exchange outflow amid a protracted war in West Asia disrupting global energy and fertiliser supply chains.