14 March 2024
In a significant move, India has now permitted its Reserve Bank (RBI) to import gold without incurring import levies, a late Tuesday government notification revealed. Traditionally, gold importers in India, the world’s second-largest consumer of the metal, face charges like the basic customs duty and Agriculture Infrastructure and Development Cess (AIDC). The RBI’s gold reserves stood at 800.79 metric tonnes as of September 2023, with holdings both within the country and abroad, highlighting the central bank’s substantial investment in gold.