Import of Gold by Nominated Banks /Agencies/Entities
AS per the instructions contained in Circulars No. 103, 107 and 122 issued by the RBI, 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. None of these restrictions was applicable to import of gold for the purpose of exports or to import of gold by units in SEZ exclusively for the purposes of exports.
Based on a review, it has been decided to rationalize the import of gold in any form/purity including import of gold coins/dore into the country.
Accordingly, the extant instructions are withdrawn and the following new instructions are issued:
a) It shall be incumbent on all nominated banks/nominated agencies to 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. Such imports shall be linked to financing of exporters by the nominated agencies (i.e. average of last three years or any one year whichever is higher). Further, they shall make available gold in any form for domestic use only to entities engaged in jewellery business/bullion dealers supplying gold to jewellers.