The Centre on Wednesday said that gold imported by the Reserve Bank of India will be exempted from import duty and Agriculture Infrastructure Development Cess(AIDC).

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Generally, the import of gold attracts 15% import duty, including 5% of AIDC.

In January the centre raised import duty on gold and silver findings and coins of precious metals to 15%, from 11%.

This was done to end tax advantage in importing gold and silver in findings form than in bars.

India is the world’s second-biggest consumer of gold, depending almost entirely on imports.

Based on the latest data till January 2024, gold imports stood at $1.9 billion in the last month, bringing the cumulative imports to $37.85 billion from April-January in FY24.

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