Question
Identify the correct statement(s) regarding the RBI and
gold imports: 1. The RBI is exempt from paying import levies on gold. 2. The total gold reserves of the RBI as of September 2023 were more than 500 tonnes. 3. The RBI's gold is stored exclusively within India.Solution
• India has allowed its central bank to import gold without paying import levies. • 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 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, according to the RBI's latest reserve management report. Learn Along About RBI Founded: 1 April 1935 Headquarters: Mumbai Governor: Shaktikanta Das
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