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of <h1>Extension of gold-loan tenor and SBLC rules for gold imports, capping loan and fixing period at 240 days</h1> Foreign Trade Policy's extension of the period for fixing price and repayment of gold loans to 180 days (making the maximum gold-loan tenor 240 days) is prescribed, with the operative effect that authorized dealers must limit gold loans to the FTP-specified tenor (currently 240 days). Authorized dealers may open standby letters of credit (SBLCs) for gold imports only for entities permitted to import on loan (nominated agencies and 100% EOUs/SEZ gem & jewellery units); the SBLC tenor must align with the gold-loan tenor and the SBLC must be in favor of internationally renowned bullion banks, with ADs maintaining documentary linkage of each import to the SBLC; existing LC/usance limits otherwise continue. These directions are issued under FEMA.
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