MANU/APDR/0025/2015
Ministry : Reserve Bank of India
Department/Board : RBI A.P. DIR (Series)
Circular No. : A. P. (DIR Series) Circular No. 79
RBI/2014-2015/474
Date : 18.02.2015
Notification/ Circulars Referred : A.P.(DIR Series) Circular No.42 dated November 28, 2014 MANU/APDR/0113/2014
Citing Reference:
A.P.(DIR Series) Circular No.42 dated November 28, 2014 MANU/APDR/0113/2014 Referred
To
All Category - I Authorised Dealer Banks
Madam / Sir,
Guidelines on Import of Gold by Nominated Banks / Agencies.
Attention of Authorised Dealer Category - I (AD Category - I) banks isinvited to the provisions contained in A.P.(DIR Series) Circular No.42 dated November 28, 2014 in terms of which the 20:80 scheme for import of gold was withdrawn in consultation with the Government .
2. The Reserve Bank of India and the Government has been receiving requests for clarification on some of the operational aspects of the guidelines on import of gold consequent upon the withdrawal of 20:80 scheme. Accordingly, in consultation with the Government, the following clarifications are issued:
i. The obligation to export under the 20:80 scheme will continue to apply in respect of unutilised gold imported before November 28, 2014, i.e., the date of abolition of the 20:80 scheme.
ii. Nominated banks are now permitted to import gold on consignment basis. All sale of gold domestically will, however, be against upfront payments. Banks are free to grant gold metal loans.
iii. Star and Premier Trading Houses (STH/PTH) can import gold on DP basis as per entitlement without any end use restrictions.