Mumbai: India has taken a significant step by allowing its central bank to import gold without being subject to import levies, as confirmed by a government notification issued late on Tuesday.
Gold importers in India, the world’s second-largest consumer of the precious metal, are typically required to pay basic customs duty and the Agriculture Infrastructure and Development Cess (AIDC) on their imports.
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According to data as of September 2023, the Reserve Bank of India (RBI) holds a substantial amount of gold, totaling 800.79 metric tonnes. This includes gold deposits amounting to 39.89 tonnes.
Of this reserve, 388.06 tonnes are held overseas, while 372.84 tonnes are held domestically, as reported in the RBI’s most recent reserve management report.
