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India hikes gold and silver import duty to 15% to curb overseas purchases

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gold-and-silver

India has increased import duties on gold and silver to 15% from the earlier 6%, according to government orders issued on Wednesday, as authorities move to curb overseas purchases of precious metals and reduce pressure on foreign exchange reserves.

Under the revised structure, the government has imposed a 10% basic customs duty along with a 5% Agriculture Infrastructure and Development Cess (AIDC), taking the effective import tax on gold and silver imports to 15%.

The move comes days after Prime Minister Narendra Modi urged citizens to avoid non-essential gold purchases for a year in order to help conserve foreign exchange reserves amid global economic uncertainty and tensions in West Asia.

India is the world’s second-largest consumer of precious metals and relies heavily on imports to meet domestic demand. Analysts believe the higher tariffs could help narrow the trade deficit and offer some support to the rupee, which recently touched record lows against the US dollar.

However, industry officials warned that the sharp increase in duties may revive smuggling activities, which had reduced after India lowered import duties in 2024. Bullion market experts said higher taxes could also dampen consumer demand as gold and silver prices are already trading at elevated levels.

Gold demand in India has remained strong in recent months, particularly for investment purposes, amid rising bullion prices and weaker returns from equities. According to reports, inflows into gold exchange-traded funds (ETFs) rose sharply during the March quarter.

Market reaction to the announcement was immediate, with domestic gold and silver futures rising sharply after the tariff hike was announced.

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Jharkhand government appeals to students to end recruitment exam protest

A Jharkhand government panel appealed to protesting students to end their agitation, saying authorities have accepted most of their demands.

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The Jharkhand government on Sunday appealed to students protesting over irregularities in recruitment examinations to withdraw their agitation and resolve the issue through dialogue.

A government panel said it was unfortunate that the students remained unwilling to end their protest despite authorities agreeing to most of their demands. The students, however, have maintained that they will continue the agitation until their demand for a CBI probe into the alleged irregularities is accepted.

The panel comprising Higher and Technical Education Minister Sudivya Kumar, Rural Development Minister Dipika Pandey Singh, Labour Minister Sanjay Prasad Yadav and Welfare Minister Chamra Linda addressed the media after a two-hour meeting.

Jharkhand government says ready for probes

Sudivya Kumar said the government had no intention of protecting anyone involved in alleged examination irregularities and was ready for investigations.

“It is unfortunate that students are not ready to withdraw the agitation, though we agreed to most of their demands,” Kumar said.

He appealed to the students and their parents to end the agitation and opt for dialogue to resolve the matter.

The government has also launched a portal inviting suggestions from students on examination reforms. Kumar said a Standard Operating Procedure would be prepared for conducting recruitment examinations transparently.

Security arrangements ahead of August 10 march

The panel said security arrangements had been made in view of the students’ planned march to the Jharkhand Assembly on August 10.

It also said steps would be taken to ensure that no student is harassed during the protest.

The students continued to press for a CBI probe into the alleged irregularities despite Chief Minister Hemant Soren and Governor Santosh Kumar Gangwar assuring them of justice.

Students remain firm on CBI probe demand

A fresh round of talks between the government and the protesting students earlier failed to produce a breakthrough.

The authorities said they had accepted 98 per cent of the students’ demands, with the demand for a CBI probe into alleged irregularities in the JSSC-CGL examination remaining the key point of disagreement.

Despite six rounds of talks, the students have continued their agitation, insisting that the alleged irregularities be investigated by the CBI.

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Assam Floods: Death toll reaches 100 as over 1.37 lakh affected

Assam’s flood death toll has reached 100, with over 1.37 lakh people affected across seven districts, according to ASDMA.

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Assam floods

The flood situation in Assam remained critical on Sunday as two more people died in separate incidents, taking the death toll from this year’s floods to 100, according to an official bulletin.

The Assam State Disaster Management Authority (ASDMA) said one person each drowned in floodwaters in Golaghat and Karbi Anglong districts during the last 24 hours.

More than 1.37 lakh people are currently affected by the floods across seven districts — Charaideo, Darrang, Golaghat, Jorhat, Karbi Anglong, Nagaon and Sivasagar.

Golaghat worst hit

Golaghat remains the worst-affected district, with nearly 70,000 people impacted by the floods. Sivasagar has around 40,000 affected people, while more than 16,000 people have been affected in Jorhat.

The flood situation has shown a slight improvement compared with Saturday, when nearly 1.5 lakh people across eight districts were affected.

Authorities are currently operating 125 relief camps and relief distribution centres across six districts. Around 49,061 flood-affected people are taking shelter at these facilities.

Relief supplies distributed

Over the last 24 hours, authorities distributed 710.44 quintals of rice, 127.85 quintals of dal, 38.34 quintals of salt and 3,773.7 litres of mustard oil among people affected by the floods.

Despite the slight improvement, 456 villages remain inundated. The floods have also damaged 11,933.46 hectares of cropland.

Floodwaters have caused damage to embankments, roads, bridges and other infrastructure in several districts.

Rivers above danger level

According to the ASDMA, Dhansiri at Golaghat and Numaligarh, along with the Kushiyara at Sribhumi, are currently flowing above the danger level.

The floods have also affected 43,331 domestic animals and poultry across Assam.

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Weather Updates: Delhi crosses August rainfall average in first eight days

Delhi has crossed its average August rainfall in just eight days, recording 230.1 mm at Safdarjung against the monthly average of 226.8 mm.

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Delhi Rains

Delhi has already surpassed its average rainfall for the month of August, with the Safdarjung Observatory recording 230.1 mm of rain in the first eight days of the month.

According to the India Meteorological Department (IMD), Delhi’s average total rainfall for August is 226.8 mm, based on the 1991-2020 climatological period.

Safdarjung had recorded 225.7 mm of rainfall between August 1 and 8.30 am on Saturday. A further 4.4 mm of rain was recorded between 8.30 am and 5.30 pm, taking the month’s cumulative rainfall to 230.1 mm.

Delhi records wettest August day in two years

The national capital also witnessed its wettest August day in two years on Saturday. Safdarjung received 98.7 mm of rainfall in the 24 hours ending at 8.30 am.

The last time Delhi recorded higher rainfall on a single August day was on August 1, 2024, when 107.6 mm of rain was recorded.

The city has been witnessing rainfall for the fourth consecutive day.

The IMD has forecast light to very light rainfall at some places in Delhi over the next two days.

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