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Gold prices have fallen 8.5 per cent so far this year, largely on the back of expectations that US interest rates are set to rise for the first time in nearly a decade.
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The strength of the dollar appears to be inversely proportional with the direction of US interest rates.
GCC is the second-largest source for remittances after North America
The fees have been waived for all remittances to the Chief Minister's Relief Fund Tamil Nadu State, India and the Prime Minister's National Relief Fund India.
Overall, the Forex reserves stood at $351.61 billion for the week ended on November 27.
The first back-to-back shortfall in India's monsoon rain in three decades is hurting gold demand with sales of pendants to bracelets and necklaces dwindling during the busiest quarter of the year.
The most active gold contract for February delivery added $9.1 (0.86 per cent) on Monday to settle at $1,065.30 per ounce, Xinhua reported.
The Dubai Gold and Commodities Exchange, or DGCX, partnered with Futures and Options World, or FOW, for its Trading Middle East Conference 2015 on Thursday.
Gold may become a three-figure commodity once again after holding above $1,000 an ounce for the past six years.
A gold deposit scheme launched amid fanfare by Indian Prime Minister Narendra Modi two weeks ago has so far attracted only 400 grammes, an industry official said on Thursday, out of a national hoard estimated at 20,000 tonnes.