India More Than Doubles Gold, Silver Tariffs to Defend Rupee (3)

India raised import tariffs on gold and silver in an attempt to defend its currency, as the country races to shore up foreign-exchange reserves and limit the damage from the war in the Middle East.

The government more than doubled import taxes on gold and silver to about 15% from 6%, according to two official orders, imposing a 10% basic customs duty alongside a 5% agriculture infrastructure and development levy.

The hikes, which aim to cut demand in the world’s second-largest bullion market, follow a rare weekend appeal from Prime Minister Narendra Modi. He urged citizens to forgo gold ...