India has granted permission for its central bank to import gold without facing import levies, as announced in a late Tuesday notification by the government. While gold importers in the country typically incur basic customs duty and the Agriculture Infrastructure and Development Cess (AIDC), the central bank is now exempt. The Reserve Bank of India, the world’s second-largest gold consumer, held a total of 800.79 metric tonnes of gold as of September 2023, including deposits, with 388.06 tonnes held overseas and 372.84 tonnes held domestically, according to the RBI’s reserve management report.
India Waives Import Levies for Central Bank Gold Imports
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