Mumbai: The Centre has allowed the Reserve Bank of India to import gold without paying import levies, according to a notification issued late on Tuesday.
Indian is world’s second biggest gold consumer and the importers of the yellow metal will now need to pay only the basic customs duty and Agriculture Infrastructure and Development Cess (AIDC), a report published in Reuters said.
The central bank had 800.79 metric tonnes of gold, including gold deposits of 39.89 tonnes, as of September 2023. Of that, 388.06 tonnes is held overseas and 372.84 tonnes domestically, according to the RBI’s latest reserve management report.
Meanwhile, the gold price steadied on Wednesday after posting its biggest decline in a month in the previous session after a sticky US 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 USD 2,158.26 per ounce. Bullion fell 1.1% on Tuesday, its worst single-day decline since February 13, when data showed an increase in consumer prices more than expected in January.