Government of India raises gold and silver import duty to 15% from 6% to curb imports.

Exam-focused facts from the 14 May 2026 current affairs briefing.

Key facts

The Government of India has raised the import duty on gold and silver to 15% from 6%, comprising a 10% basic customs duty and a 5% Agriculture Infrastructure and Development Cess.
Prime Minister Narendra Modi urged Indians to avoid buying gold for a year, a rare public call highlighting government concern over pressure on foreign exchange reserves.
The India Bullion and Jewellers Association warned that the duty hike could affect demand as gold and silver prices were already elevated.
Inflows into India's gold exchange-traded funds surged 186% year-on-year in the March quarter to a record 20 metric tons, according to the World Gold Council.
April gold imports hit a near 30-year low due to a 3% integrated goods and services tax (IGST) levy, which had prompted banks to pause purchases for over a month.