The government has increased import duties on gold and silver to 15 per cent from 6 per cent in a move aimed at curbing non-essential imports and easing pressure on the country’s rising import bill amid ongoing tensions in West Asia.

The Finance Ministry issued a notification on Wednesday increasing the Social Welfare Surcharge (SWS) and the Agriculture Infrastructure and Development Cess (AIDC), with the revised rates coming into effect from May 13.

The decision comes days after Prime Minister Narendra Modi called for restraint in gold purchases and urged austerity measures to help conserve foreign exchange reserves.

With the latest revision, the overall customs duty on gold has risen to 15 per cent as the government seeks to reduce imports of precious metals and manage external sector pressures.