Import of Gold by Nominated Banks /Agencies/Entities

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.... Madam / Sir, Import of Gold by Nominated Banks /Agencies/Entities Attention of Authorised Persons is 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 agen....

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....se of export. Such imports shall be linked to financing of exporters by the nominated agencies (i.e. average of last 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 quanti....

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....nsactions effected by / for their constituents are compliant with the above instructions. Head Offices of nominated agencies / 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....

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....kg, 20 kg gold held in the bonded warehouse can be got released in part or full to be sold to exporters of gold against undertaking to customs authorities as is the practice now. • 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 o....