RBI publishes standards for import of gold by qualified jewelers through IIBX

On Wednesday, the RBI proposed standards to facilitate the physical import of gold through India International Bullion Exchange IFSC (IIBX) or a similar exchange authorized by qualified jewelers in India.

In addition to RBI and DGFT appointed agencies, Qualified Jewelers (QJs) approved by the International Financial Services Centers Authority (IFSCA) were allowed to import gold in January.

The RBI has issued the guidelines in order to allow resident qualified jewelers to import gold through IIBX or any other exchange approved by the IFSCA and the Directorate General of Foreign Trade (DGFT).

According to the guidelines, banks may allow qualified jewelers to make deposit payments for 11 days for the import of gold through IIBX, in accordance with the applicable foreign trade policy and regulations issued under the IFSC law.

“The advance payment for the import of gold should not be used in any form to import gold of a value greater than the advance payment made,” said the

In the event that the import of gold through an exchange authorized by the IFSCA, for which an advance payment has been made, does not materialize, or if the advance payment made for this purpose exceeds the amount required, the unused advance payment will be returned to the same bank. within the time limit of 11 days.

RBI also said that all payments by qualified jewelers for gold imports through IIBX will be made through an IFSCA-approved exchange mechanism.

Gold imports fell about 72% to $1.72 billion in April from $6.23 billion the previous month.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear reader,

Business Standard has always endeavored to provide up-to-date information and commentary on developments that matter to you and that have wider political and economic implications for the country and the world. Your constant encouragement and feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these challenging times stemming from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative opinions and incisive commentary on relevant topical issues.
However, we have a request.

As we battle the economic impact of the pandemic, we need your support even more so that we can continue to bring you more great content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of bringing you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism we are committed to.

Support quality journalism and subscribe to Business Standard.

digital editor