The RBI on Wednesday got here up with norms for facilitating bodily import of gold by means of India International Bullion Exchange IFSC (IIBX) or comparable authorised change by Qualified Jewellers in India.
In addition to businesses nominated by the RBI and by DGFT, Qualified Jewellers (QJ) as authorised by International Financial Services Centers Authority (IFSCA) had been permitted to import gold in January.
The RBI issued the rules in an effort to allow resident Qualified Jewellers to import gold by means of IIBX or another change authorised by IFSCA and the Directorate General of Foreign Trade (DGFT).
As per the rules, banks might enable Qualified Jewellers to remit advance funds for 11 days for import of gold by means of IIBX in compliance to the extant Foreign Trade Policy and rules issued beneath IFSC Act.
“The advance remittance for import of Gold should not be leveraged in what-so-ever form for importing gold worth more than the advance remittance made,” the Reserve Bank of India mentioned.
In case the import of gold by means of IFSCA authorised change, for which advance remittance has been made, doesn’t materialise, or the advance remittance made for the aim is greater than the quantity required, the unutilised advance remittance shall be remitted again to the identical financial institution throughout the specified time restrict of 11 days.
RBI additionally mentioned all funds by certified jewellers for imports of gold by means of IIBX, shall be made by means of change mechanism as authorised by IFSCA.
Gold imports dipped by about 72 per cent to USD 1.72 billion throughout April, from USD 6.23 billion within the year-ago month.
Source: www.financialexpress.com”