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The Centre on Wednesday mentioned that gold imported by the Reserve Financial institution of India can be exempted from import responsibility and Agriculture Infrastructure Growth Cess(AIDC).
Usually, the import of gold attracts 15% import responsibility, together with 5% of AIDC.
In January the centre raised import responsibility on gold and silver findings and cash of treasured metals to fifteen%, from 11%.
This was carried out to finish tax benefit in importing gold and silver in findings kind than in bars.
India is the world’s second-biggest client of gold, relying nearly completely on imports.
Based mostly on the most recent information until January 2024, gold imports stood at $1.9 billion within the final month, bringing the cumulative imports to $37.85 billion from April-January in FY24.
