Silver Rules Tighten in India After Volatile Trading on Gold-Duty Moves
India has moved to restrict imports of silver, putting certain silver-bar and semi-manufactured categories on its restricted list effective immediately. This adds to steps the government took earlier this week, when it raised duties on both gold and silver, as domestic silver prices showed sharp swings. Importers will now need tighter approvals for those categories, according to a government order. State oil firms hiked petrol and diesel prices by about 3 rupees per litre on Friday, the first increase in four years, just as fuel prices are rising and India faces higher import costs and foreign-exchange pressure. Bullion duties also rose to curb metal imports.
