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<h1>Gold import letters of credit under Nominated Agency Scheme restricted to nominated agencies/banks; authorised dealers must refuse third-party LCs</h1> Under the Nominated Agency Scheme for gold import, only designated nominated agencies and banks permitted under the scheme may open letters of credit for import of gold; letters of credit must be established solely on behalf of the nominated agency itself. Authorised Dealers are prohibited from issuing letters of credit for gold imports on behalf of any other entity even if that entity furnishes a letter of authority from a nominated agency, and must refuse to process such LCs.