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.

Prateek Yadav, the younger son of late Samajwadi Party founder Mulayam Singh Yadav, died at the age of 38 in Lucknow on Wednesday morning, according to hospital and police sources.

Prateek Yadav was the husband of BJP leader Aparna Yadav and the half-brother of Samajwadi Party chief Akhilesh Yadav.

According to reports, family members rushed Prateek Yadav to Lucknow Civil Hospital at around 6:15 am after his condition deteriorated at home. Doctors declared him brought dead on arrival.

Initial reports said he had been suffering from lung-related health complications and was undergoing treatment for a blood clot in his lungs. A post-mortem examination has been ordered to determine the exact cause of death.

Some local reports also mentioned that hospital authorities treated the case as suspicious pending medical examination, though officials have not yet confirmed the cause of death publicly.

Prateek Yadav largely stayed away from active politics despite belonging to one of Uttar Pradesh’s most influential political families. He was known as a real estate businessman and fitness enthusiast, and had completed his MBA from the University of Leeds in the United Kingdom.

Soon after the news emerged, Akhilesh Yadav expressed grief over his half-brother’s death in a social media post, calling it “deeply saddening”. Uttar Pradesh Chief Minister Yogi Adityanath also condoled the death and extended sympathies to the family.

Tamil Nadu Chief Minister Vijay is set to face a crucial trust vote in the Assembly on Wednesday, even as a growing rebellion within the All India Anna Dravida Munnetra Kazhagam has turned the political spotlight on party chief Edappadi K. Palaniswami, popularly known as EPS.

The trust vote comes days after Vijay took oath as chief minister following the Assembly election, where his Tamilaga Vettri Kazhagam emerged as the single-largest party but remained short of the majority mark in the 234-member House.

TVK currently holds 107 seats after Vijay vacated one of the constituencies he had won. The party has secured support from the Congress and outside backing from allies including CPI, CPI(M), IUML and VCK, bringing it close to the required majority figure of 118.

Political uncertainty continues over the participation of MLA Srinivasa Sethupathi, whose eligibility to vote remains under judicial review. The matter has reached the Supreme Court after proceedings in the Madras High Court. Despite the legal challenge, the Vijay-led government is expected to survive the floor test with support from allies and independent backing.

Rebel AIADMK camp raises pressure on EPS

The biggest challenge emerging ahead of the confidence motion is within the AIADMK itself. A faction of nearly 30 AIADMK MLAs, led by senior leaders SP Velumani and C Ve Shanmugam, has reportedly extended support to Vijay during the trust vote.

The development has intensified internal tensions in the opposition party following its poor performance in the Assembly election, where the AIADMK secured only 47 seats.

Several leaders within the party are said to be questioning EPS’s leadership and strategy after the electoral setback. The rebel support for Vijay has further fuelled speculation over a possible split or leadership challenge inside the AIADMK.

Trust vote seen as key political test

Political observers view the floor test as more than just a numbers game for the new government. The outcome is also being seen as a crucial moment for the future of the AIADMK and the authority of EPS within the party.

Ahead of the vote, Vijay held meetings with alliance leaders as well as members of the rebel AIADMK faction, signalling attempts to consolidate support and ensure stability for the newly formed government.

The Assembly proceedings are expected to be closely watched as both the TVK government and the AIADMK leadership face a defining political moment in Tamil Nadu politics.