The Government of India has allowed RBI to import gold without paying import levies Indian gold importers need to pay basic customs duty and Agriculture Infrastructure and Development Cess (AIDC).
Key facts
- As of September 2023, the Reserve Bank of 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.
- India is the world’s second-biggest consumer of gold, depending almost entirely on imports.
