GOLD INDIA

India allows RBI to import gold without paying import levies

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India allows RBI to import gold without paying import levies

India has allowed its central bank to import gold without paying import levies, the government said in a notification issued late on Tuesday. Gold importers from the world’s second biggest gold consumer need to pay basic customs duty and Agriculture Infrastructure and Development Cess (AIDC). As of September 2023, the Reserve Bank of India held … Read more

Redemption of sovereign gold bonds expected to spike in FY24

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Redemption of sovereign gold bonds expected to spike in FY24

Redemption under the government’s sovereign gold bond scheme is expected to jump five times from the FY23 level to ₹1,500 crore next fiscal, officials said. Investors would resort to greater redemptions next fiscal to take advantage of the elevated gold prices once the initial lock-in period is over for many of them. The scheme was … Read more