Government allows RBI to exempt from gold import duty
New Delhi: The Indian government has announced that gold imported by the Reserve Bank of India will be exempt from import duty and Agriculture Infrastructure Development Cess (AIDC).
In January, the Indian government increased the import duty on gold, silver findings, and coins of precious metals from 11% to 15%. Typically, gold imports are subject to a 15% import duty, which includes a 5% Agricultural Infrastructure and Development Cess (AIDC) charge. Indian gold importers are required to pay a basic customs duty and AIDC.
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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, as of September 2023, according to the RBI’s latest reserve management report. Of that, 388.06 tonnes is held overseas and 372.84 tonnes is held domestically. India is the world’s second-largest gold consumer.
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