India Waives Import Duties On Gold For Central Bank

ENA Sectors 2024-03-13 17:04:42 Mumbai, Mar 13 (KNN) In a significant move to bolster its gold reserves, India has announced the exemption of import levies for the Reserve Bank of India (RBI) in a late-night notification on Tuesday. The decision marks a strategic shift, allowing the central bank to import gold without bearing the burden of import duties, including the basic customs duty and the Agriculture Infrastructure and Development Cess (AIDC). India, being one of the largest consumers of gold globally, imposes strict regulations on its import to manage its current account deficit and maintain fiscal stability. However, exempting the central bank from these levies underscores a proactive approach towards fortifying the nation's monetary assets. As per the latest data released by the Reserve Bank of India, the central bank held a substantial gold reserve of 800.79 metric tonnes as of September 2023. Among these reserves, 388.06 tonnes are stored overseas, while 372.84 tonnes are maintained domestically, reflecting the diversified nature of India's gold holdings. This decision not only streamlines the process of replenishing and diversifying India's gold reserves but also aligns with broader economic strategies aimed at enhancing financial security and stability. With the global economic landscape undergoing rapid transformations, bolstering gold reserves emerges as a prudent measure to mitigate risks and safeguard against potential economic shocks. Furthermore, the move signifies a strategic shift in India's approach towards gold management, highlighting the importance of maintaining a balanced portfolio of assets in the face of evolving geopolitical and economic uncertainties. (KNN Bureau) 37029 https://knnindia.co.in/news/newsdetails/sectors/india-waives-import-duties-on-gold-for-central-bank 2024-03-13 17:04:42 knnindia.co.in India Waives Import Duties On Gold For Central Bank