According to a Moneycontrol report, the central government is currently discussing a potential reduction in import duties for gold and silver. This consideration follows worries that elevated tax rates might be fueling illegal imports. Industry representatives, including bullion dealers and jewelers, are pushing for the duty to be lowered from the current 15% to 6%. It is worth noting that the government had previously increased these levies in May as a measure to limit gold imports and protect the nation's foreign exchange reserves.

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3 hours ago