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TMI BlogImport of Gold by Nominated Banks / Agencies / EntitiesX X X X Extracts X X X X X X X X Extracts X X X X ..... ons is drawn to the Reserve Bank's A.P. (DIR Series) Circular No. 25 dated August 14, 2013; and the subsequent circulars, on the captioned subject. 2. The Government of India and Reserve Bank of India has been receiving representations from the jewelers, bullion dealers, AD banks, and trade bodies to rationalise the guidelines for import of gold. Taking into account such representations and i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y of the last 24 months prior to the RBI's notification dated August 14, 2013, subject to a maximum of 2000 Kgs. * As in the case of other nominated agencies, the eligible quantity may be imported by STH / PTHs from any port, subject to their eligibility limit / maximum quantity allowed to them. * For proper compliance, before import, they must submit the import plan, port-wise and quantity-wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed dealers may please bring the contents of this circular to the notice of their constituents and customers concerned. 8. 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, (C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eposit Scheme (GDS) and Gold Metal Loan (GML). The sale of imported gold will be against full upfront payment, except in the case of GML, where nominated banks can give GML to domestic jewellery manufacturers to the extent of GML outstanding in their books as on March 31, 2013. In other words, no credit sale of gold in any form will be permitted for domestic use, except for GML. In case, the Nomin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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