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TMI BlogImport of Gold / Gold Dore by Nominated Banks /Agencies/Entities - ClarificationsX X X X Extracts X X X X X X X X Extracts X X X X ..... ominated Banks /Agencies/Entities - Clarifications Attention of Authorised Persons is drawn to the Reserve Bank's A.P. (DIR Series) Circular No. 25 dated August 14, 2013; and A.P. (DIR Series) Circular No. 73 dated November 11, 2013 on the captioned subject. 2. Government of India and the Reserve Bank of India have been receiving representations related to Advance Authorisation (AA) / Dut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... operating under the Replenishment Scheme. They can resort to import of gold for the purpose, if considered necessary. However, such import will be accounted for separately and will not entitle them for any further import. d) Import of gold in the third lot onwards will be lesser of the two: i) Five times the export for which proof has been submitted; or ii) Quantity of gold permitted to a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ircular to the notice of their constituents and customers concerned. 5. The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) , and are without prejudice to permissions / approvals, if any, required under any other law. Yours faithfully, (Rudra Narayan Kar) Chief General Ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Scheme against full upfront payment. In other words, no credit sale of gold in any form will be permitted for domestic use. In case, the Nominated Bank itself is operating the Gold Deposit Scheme, the bank is permitted to use out of 80 kg, a portion for regularising own open position in gold arising out of operations of the Gold Deposit Scheme. 4. Next lot of import of 100 kg of gold by ABC sha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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