Govt allows Reserve Bank of India to import gold without paying import levies as gold prices stabilize

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

Mumbai: The Centre 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 of gold are held overseas and 372.84 tonnes are held domestically, according to the RBI’s latest reserve management report.  Gold prices steadied on Wednesday after posting its biggest decline in a month in the previous session after a sticky U.S. inflation report boosted bond yields and slightly tempered hopes for a June interest rate cut from the Federal Reserve.

Spot gold edged 0.1% up to $2,158.26 per ounce. Bullion fell 1.1% on Tuesday, its worst single-day decline since Feb. 13, when data showed consumer prices also increased more than expected in January.

Courtesy: Business Today