Import of Gold by Nominated Banks / Agencies / Entities

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....ld 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) Circular No. 25 dated August 14, 2013; and the subsequent circulars, on the captioned subject. 2. The Government of India and Reserve Bank of India has been receiving representations from the jewelers, bullion dealers, AD banks, and....

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....consignment in the past. • The first lot of gold under this scheme would be based on the highest monthly import during any of the last 24 months prior to the RBI's notification dated August 14, 2013, subject to a maximum of 2000 Kgs. • As in the case of other nominated agencies, the eligible quantity may be imported by STH / PTHs from any port, subject to their eligibilit....

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.... of the operations of 20:80 scheme envisaged in terms of the revised instructions is given in the Annex. 6. All other instructions will remain unchanged 7. Authorised dealers may please bring the contents of this circular to the notice of their constituents and customers concerned. 8. The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the F....

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....s Authorities as is the practice now. 3. The balance 80 kg can be sold / lent in part or full to domestic entities engaged in jewellery business / bullion dealers/ banks operating the Gold Deposit Scheme (GDS) and Gold Metal Loan (GML). The sale of imported gold will be against full upfront payment, except in the case of GML, where nominated banks can give GML  to domestic jewellery manufa....