RBI announces revised scheme for import of gold

The Reserve Bank of India (RBI) while announcing the revised scheme for gold import stated that all nominated banks/ nominated agencies will ensure that at least one fifth of every lot of import of gold (in any form/purity including import of gold coins/dore) is exclusively made available for the purpose of export.

RBI stated, certain restrictions were imposed on the import of various forms of gold by nominated banks/nominated agencies/ premier or star trading houses/SEZ units/EoUs which have been permitted to import gold for use in the domestic sector. On a review of the above instructions and in consultation with Government of India, it has been decided to rationalize the import of gold in any form/purity including import of gold coins/dore into the country.

The central bank further stated that nominated banks/ nominated agencies shall make available gold in any form for domestic use only to entities engaged in jewellery business/bullion dealers supplying gold to jewellers. RBI has asked them to ensure that they comply with these instructions while effecting the foreign exchange transactions put through by/for their clients. The instructions will, however, not apply to import of gold by units in the SEZ/EOUs / star trading houses who would import gold only for the purpose of exports, it added.

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