Import of gold: nominated banks may import on consignment while domestic sales require upfront payment and metal loans remain permitted. The circular clarifies that the obligation to export applies only to unutilised gold imported before abolition of the prior scheme; nominated banks may import gold on a consignment basis and all domestic sales must be against upfront payment, with banks permitted to grant gold metal loans. Star and Premier Trading Houses may import on delivery against payment without end use restrictions, and imports of coins and medallions are permitted though banks remain temporarily restricted from selling them. Directions are issued under the Foreign Exchange Management Act.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Import of gold: nominated banks may import on consignment while domestic sales require upfront payment and metal loans remain permitted.
The circular clarifies that the obligation to export applies only to unutilised gold imported before abolition of the prior scheme; nominated banks may import gold on a consignment basis and all domestic sales must be against upfront payment, with banks permitted to grant gold metal loans. Star and Premier Trading Houses may import on delivery against payment without end use restrictions, and imports of coins and medallions are permitted though banks remain temporarily restricted from selling them. Directions are issued under the Foreign Exchange Management Act.
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