India raised the import tax on gold and
silver Tuesday, which will likely increase local
prices and depress demand in the world's largest consumer of the two precious
The finance ministry said in a statement
that gold imports will now be taxed at 2% of value from a flat rate of 300
rupees ($5.83) per 10 grams previously and silver imports at 6% from the
earlier flat rate of 1,500 rupees a kilogram.