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Indian banks resume bullion imports after month-long halt over 3% levy, Reuters says
By Rajendra Jadhav
Reuters
Tuesday, May 12, 2026
MUMBAI -- Indian banks have resumed gold and silver imports after a hiatus that stretched for more than a month by agreeing to pay a 3% customs levy that earlier prompted lenders to halt shipments, trade and government sources told Reuters.
The resumption is expected to boost the country's gold imports, widen the trade deficit, and put more pressure on the rupee, which is among Asia's worst-performing currencies this year.
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Worried about mounting pressure on India's balance of payments and the rupee, Prime Minister Narendra Modi on Sunday urged people to avoid buying gold for a year to help preserve the country's foreign exchange reserves.
Stronger demand from India, the world's second-largest gold buyer after China, could also support global gold and silver prices and help local jewellers replenish their inventories.
"We paid a 3% integrated goods and services tax at customs to clear gold and silver shipments," said the head of the bullion desk at a Mumbai-based private bank. ...
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