India has authorized its central bank to import gold without incurring import levies, as stated in a notification issued late on Tuesday.
Importers of gold in the world’s second-largest gold consumer are typically required to pay basic customs duty and Agriculture Infrastructure and Development Cess (AIDC).
As of September 2023, the Reserve Bank of India possessed 800.79 metric tonnes of gold, which includes gold deposits totaling 39.89 tonnes.
Out of this, 388.06 tonnes are held overseas, while 372.84 tonnes are held domestically, according to the RBI’s most recent reserve management report.
