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India has allowed its central financial institution to import gold with out paying import levies, the federal government stated in a notification issued late on Tuesday.
Gold importers from the world’s second largest gold client must pay primary customs responsibility and Agriculture Infrastructure and Improvement Cess (AIDC).
As of September 2023, the Reserve Financial institution of India held 800.79 metric tonnes of gold, together with gold deposits of 39.89 tonnes.
Of that, 388.06 tonnes is held abroad and 372.84 tonnes is held domestically, in line with the RBI’s newest reserve administration report.
