India tightens silver import regulations, implementing multiple measures to protect the rupee

```htmlThe Indian government issued a notice on Saturday, adjusting the import of silver bars from free import to restricted import. This means that only goods with permits issued by the Directorate General of Foreign Trade of India can be imported, and the new regulation takes effect immediately. The Modi government previously decided to more than double the import tariffs on gold and silver, aiming to curb consumer demand for precious metals, stabilize the rupee exchange rate, and reduce the impact of turmoil in the Middle East on the domestic economy. Modi has also made a rare call for the public to reduce gold purchases in order to help boost foreign exchange reserves. The conflict in Iran has driven oil prices up sharply, causing a surge in India's import expenses. This week, the Indian government raised gasoline and diesel prices for the first time in four years. In addition, the Reserve Bank of India has proposed a substantial reduction in taxes required for foreign investors to invest in Indian bonds.```