RBI to Import Gold Duty-Free

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.