Import of Gold by Nominated Banks / Agencies / Entities

Gold import regulation: revised 20:80 scheme allows nominated agencies imports with export-linked discipline and Gold Metal Loans.

Revised guidelines permit STH/PTHs registered as DGFT nominated agencies to import gold under the 20:80 scheme subject to prior import history, Customs verification, submission of port-wise import plans, a first-lot cap based on highest monthly import in the prior 24 months (subject to a maximum), and the continued requirement that 20% of each consignment be exported before the next import. Nominated banks may provide Gold Metal Loans to domestic jewellery manufacturers from the 80% domestic quota to the extent of GML outstanding as on March 31, 2013; imports must route through bonded warehouses and domestic sales require upfront payment except for permitted GML.