India More Than Doubles Gold, Silver Tariffs to Defend Rupee The Indian government has taken a significant step to stabilize its currency by increasing tariffs on gold and silver imports by more than 300%.
This move is seen as a last ditch effort to mitigate the impact of the ongoing Middle East conflict on the country's foreign exchange reserves.
India, the world's largest buyer of gold after China, has been stockpiling gold reserves in an effort to stabilize its currency.