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of <h1>RBI Issues Directive: Only Nominated Agencies Can Import Gold; Unauthorized Letters of Credit Prohibited Under FEMA 1999.</h1> The Reserve Bank of India has issued a directive to all authorized dealers in foreign exchange regarding the import of gold under the Government's Nominated Agency Scheme. Only designated agencies such as MMTC, HHEC, STC, PEC, and RBI-permitted banks are authorized to import gold for exporters with export obligations. The circular highlights that unauthorized entities are improperly establishing import Letters of Credit using letters of authority from these agencies. Authorized dealers are instructed to issue Letters of Credit solely on behalf of the Nominated Agencies, and not for any other entities, regardless of any letter of authority presented. This directive is under the Foreign Exchange Management Act, 1999.
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