TaxTMI 
TaxTMI 
Import of Gold by Nominated Banks /Agencies/Entities
X X X X Extracts X X X X
X X X X Extracts X X X X
.... drawn to the Reserve Bank's A.P. (DIR Series) Circulars No. 103, 107 and 122 dated May 13, June 04 and June 27, 2013 respectively on the captioned subject. ;As per these instructions, certain restrictions were imposed on the import of various forms of gold by nominated banks/nominated agencies/ premier or star trading houses/SEZ units/EoUs which have been permitted to import gold for use in the d....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ast three years or any one year whichever is higher). Further, they shall make available gold in any form for domestic use only to entities engaged in jewellery business/bullion dealers supplying gold to jewellers. b) They will be required to retain 20 per cent of the imported quantity in the customs bonded warehouses. c) They are permitted to undertake fresh imports of gold only after the expor....
X X X X Extracts X X X X
X X X X Extracts X X X X
..../ International Banking Divisions of banks would be responsible for monitoring operations of the revised scheme taking into account transactions put through different centres. 5. Government of India will be issuing separate instructions, if any, to the customs authorities/DGFT to operationalize and monitor these import restrictions. 6. The above instructions will come into force with immediate e....
X X X X Extracts X X X X
X X X X Extracts X X X X
..... * Any further import of gold by ABC shall be permitted by the customs authorities only to the extent of actual export out of 20 kg of gold held in bonded warehouse. This can happen only after at least 15 kg of gold out of 20 kg is actually exported from the previous lot. * If ABC wants to place order for the second lot of import, only 75 kg of import (including 15 kg for exports) will be per....