India allows RBI to import gold without paying import levies

Image of gold.

Credit: iStock Photo For Representational Purpose

Mumbai: India has allowed its central bank to import gold without paying import levies, the government said in a notification issued late on Tuesday.

Gold importers from the world's second biggest gold consumer need to pay basic customs duty and Agriculture Infrastructure and Development Cess (AIDC).

As of September 2023, the Reserve Bank of India held 800.79 metric tonnes of gold, including gold deposits of 39.89 tonnes.

Of that, 388.06 tonnes is held overseas and 372.84 tonnes is held domestically, according to the RBI's latest reserve management report.