Import of gold in any form including jewellery - FEMA Clarification
RESERVE Bank of India clarifies that Suppliers' and Buyers' credit (trade credit) including the usance period of Letters of Credit opened for import of gold in any form including jewellery made of gold / precious metals or/ and studded with diamonds/ semi precious / precious stones should not exceed 90 days, from the date of shipment.
RBI AP (DIR Series) Circular No 34 Dated: September 24, 2012