India has raised import tariffs on gold and silver to 15% from 6% in a major move aimed at curbing overseas purchases of precious metals and easing pressure on foreign exchange reserves. According to government orders issued on May 13, the decision is also expected to help narrow the country’s trade deficit and support the weakening rupee, currently among Asia’s worst-performing currencies. The higher duties could reduce demand in the world’s second-largest precious metals market, particularly as gold investment demand has surged amid rising prices and weak equity returns over the past year. The move comes amid broader government efforts to conserve foreign exchange during ongoing global economic uncertainty and rising energy pressures. (PC: ET Now)

India’s economic concerns deepened after the rupee weakened to a record low of 95.6 against the US dollar, making it Asia’s worst-performing currency. The decline followed Prime Minister Narendra Modi’s recent austerity appeal and rising tensions in West Asia. The rupee had already closed at a fresh low of 95.31, while the Sensex dropped more than 2,000 points in two trading sessions after the government’s announcements. Analysts warned that the currency may weaken further, with fears of the rupee eventually touching the 100-per-dollar mark. Rising crude oil prices are adding pressure on India’s import bill, inflation, and current account deficit. Experts also noted that increased gold imports indirectly contribute to rupee depreciation. (PC: Times Now)

Prime Minister Narendra Modi has reduced the size of his official convoy as part of a national fuel conservation push amid the ongoing West Asia crisis. The move was implemented during his recent visits to Gujarat and Assam after he urged citizens to reduce petrol and diesel consumption, work from home when possible, and avoid unnecessary foreign travel. Sources said all SPG security protocols remain unchanged, with only accompanying vehicles being rationalised. During the swearing-in ceremony of Assam Chief Minister Himanta Biswa Sarma, the PMO circulated an action plan encouraging states to adopt EVs, virtual meetings and energy-saving measures. Several chief ministers have reportedly begun implementing similar austerity steps in their states. (PC: X)

Donald Trump said the fragile US-Iran ceasefire is on “life support” after rejecting Tehran’s latest peace proposal as a “piece of garbage”, ahead of his upcoming visit to China. Rising tensions over the Strait of Hormuz and fears of renewed conflict continued to pressure global oil markets.   Iran warned it could respond strongly to any future attack, while Pakistan denied reports that Iranian military aircraft were stationed at its airbases. India said it has enough crude oil and LPG reserves despite disruptions caused by the West Asia crisis. (PC: HT)

The National Testing Agency cancelled NEET UG 2026 after investigators found that a widely circulated “guess paper” allegedly matched a large number of questions in the medical entrance examination. More than 22 lakh students who appeared for the May 3 test now face uncertainty and a fresh examination cycle.   Authorities said at least 90 biology and 45 chemistry questions showed strong similarity with the leaked material, with some questions reportedly identical. The Union government has handed the case to the Central Bureau of Investigation for a detailed probe. Investigators are tracing a suspected network stretching across Rajasthan, Kerala and other states. (PC: India Today)

Lindsey Graham has raised doubts over Pakistan’s role as a mediator in the US-Iran tensions after reports claimed Iranian military aircraft were parked at a Pakistani airbase during the conflict. Reacting to the report, Graham said he did not trust Pakistan and questioned whether Washington should look for another mediator if the claims were true.   A report by CBS News alleged that Iranian aircraft, including an RC-130 reconnaissance plane, had landed at Nur Khan Airbase in Rawalpindi after the ceasefire announcement. Pakistan’s foreign ministry rejected the report as “misleading and sensationalised”, insisting the aircraft arrivals were linked only to diplomatic and logistical support during the ceasefire period. (PC: NDTV)

The National Testing Agency cancelled NEET UG 2026 after investigators probing a suspected paper leak traced a widely circulated WhatsApp “guess paper” carrying the label “forwarded many times”. Officials in Jaipur said the message indicated the leak may have spread extensively before the May 3 examination.   Around 22 lakh students appeared for the medical entrance test. Police said the exact source of the “guess paper” and the full trail of its circulation are still being investigated. The NTA announced that the examination will be conducted again on fresh dates, which will be notified later. (PC: The Indian Express)

US inflation climbed to 3.8% in April, marking its highest level since May 2023, as rising energy and food prices intensified pressure on American households amid the ongoing Iran conflict. Data released by the Bureau of Labor Statistics showed surging gasoline prices accounted for nearly half of the increase after disruptions in the Strait of Hormuz drove global oil prices sharply higher.   Airfares and grocery costs also increased, while wage growth slipped below inflation for the first time in three years. The figures have weakened expectations of interest rate cuts by the Federal Reserve and created fresh political pressure for Donald Trump ahead of the midterm elections. (PC: BBC)

Rahul Gandhi on Tuesday said he had formally recorded his dissent over the selection process for the next CBI Director, alleging that the exercise was “biased”. Gandhi said he wrote to Prime Minister Narendra Modi after attending the high-level selection committee meeting at 7 Lok Kalyan Marg.   “The Leader of Opposition is not a rubber stamp,” Gandhi said in a post on X, adding that he could not “abdicate” his constitutional responsibility by participating in what he described as an unfair process. The panel included Prime Minister Modi, Chief Justice of India Surya Kant and Gandhi. Several senior IPS officers are reportedly under consideration for the post. (PC: HT)

Iranian Foreign Minister Seyed Abbas Araghchi will visit India on May 14-15 to participate in the BRICS Foreign Ministers’ Meeting hosted under India’s chairmanship amid the ongoing West Asia conflict. The Iranian Embassy confirmed that Araghchi will hold discussions with S. Jaishankar and other participating ministers on regional stability, multilateral cooperation and economic resilience. The meeting is being viewed as a significant step in strengthening India-Iran ties and serves as a precursor to the 18th BRICS Summit scheduled in New Delhi in September. Meanwhile, Wang Yi will skip the meeting due to Donald Trump’s state visit to Beijing, with China represented by Ambassador Xi Feihong instead.