Industry officials warned that the tax increase could revive smuggling activity Last updated: May 13, 2026 | 08:00 India sharply raised the import duty on gold and silver to 15% from 6% effective Wednesday (May 13, 2026) in a bid to cool surging demand for precious metals, ease pressure on its widening trade deficit and support a rupee that has been hovering near record lows. Bloomberg reported that the move comes as authorities move to curb overseas purchases and ease pressure on the country’s forex reserves. Get updated faster and for FREE: Download the Gulf News app now - simply  click here . The higher duties could dampen demand in the world’s second-largest consumer of precious metals, and they may help narrow India’s trade deficit and support the rupee, one of Asia’s weakest-performing currencies. Revised levy The revised levy combines a 10% basic customs duty with a 5% Agriculture Infrastructure and Development Cess (AIDC), taking the effective import tax to 15% from 6%.…