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- RBI to Import Gold Duty-Free
RBI to Import Gold Duty-Free
- 13 Mar 2024
On 12th March, India permitted its central bank to import gold without import levies, aiming to bolster its reserves.
- Move aims to streamline gold imports and support India's position as the world's second biggest gold consumer.
- Import Duties for Gold: Gold importers in India typically pay basic customs duty and Agriculture Infrastructure and Development Cess (AIDC).
- New notification exempts Reserve Bank of India from paying import levies on gold imports.
- Reserve Bank of India's Gold Holdings: As of September 2023, Reserve Bank of India (RBI) holds 800.79 metric tonnes of gold.
- RBI's gold reserves include 39.89 tonnes of gold deposits.
- Out of the total, 388.06 tonnes are held overseas, and 372.84 tonnes are held domestically.
- Objective of Gold Imports: Gold reserves serve as a buffer against economic uncertainties and fluctuations in currency values.
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