sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
Latest Circulars »
 Results of OMO purchase auction held on May 17, 2018 and Settlement on May 18, 2018
 Auction of Government of India Dated Securities May 21, 2018
 Auction for Sale (Re-issue) of Government Stock (GS) May 21, 2018
  RBI-Setting up of IFSC Banking Units (IBUs) – Permissible activities
 RBI-Basel III Framework on Liquidity Standards – Net Stable Funding Ratio (NSFR) – Final Guidelines
 RBI imposes penalty on The United Co-operative Bank Ltd., Bagnan Station Road(North), PO- Bagnan, Dist- Howrah, West Bengal
 Auction for Sale (Re-issue) of Government Stock (GS) May 14, 2018
 Auction of Government of India Dated Securities May 14, 2018
 RBI declines to share copies of inspection reports
  RBI - Auction of State Government Securities
 Revised guidelines on lending to Priority Sector for Primary (Urban) Co-operative Banks (UCBs)

RBI-Guidelines on Import of Gold by Nominated Banks / Agencies
February, 20th 2015

RBI/2014-15/474 
A.P. (DIR Series) Circular No.79

February 18, 2015

To

All Category - I Authorised Dealer Banks

Madam / Sir,

Guidelines on Import of Gold by Nominated Banks / Agencies

Attention of Authorised Dealer Category – I (AD Category – I) banks isinvited to the provisions contained in A.P.(DIR Series) Circular No.42 dated November 28, 2014 in terms of which the 20:80 scheme for import of gold was withdrawn in consultation with the Government .

2. The Reserve Bank of India and the Government has been receiving requests for clarification on some of the operational aspects of the guidelines on import of gold consequent upon the withdrawal of 20:80 scheme. Accordingly, in consultation with the Government, the following clarifications are issued:

  1. The obligation to export under the 20:80 scheme will continue to apply in respect of unutilised gold imported before November 28, 2014, i.e., the date of abolition of the 20:80 scheme.

  2. Nominated banks are now permitted to import gold on consignment basis. All sale of gold domestically will, however, be against upfront payments. Banks are free to grant gold metal loans.

  3. Star and Premier Trading Houses (STH/PTH) can import gold on DP basis as per entitlement without any end use restrictions.

  4. While the import of gold coins and medallions will no longer be prohibited, pending further review, the restrictions on banks in selling gold coins and medallions are not being removed.

3. AD Category –I banks may bring the contents of this circular to the notice of their constituents and customers concerned.

4. The directions contained in this circular have been issued under Section 10 (4) and Section 11 (1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.

Yours faithfully,

(B. P. Kanungo)
Principal Chief General Manager

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Portal Design Website Design Portal Designing Website Designing Web Design Professional Portal Design Professional Website Design Professional Web Design Portal Design India Website Design India Portal Designing India Website Designing India Web Design India Professional Portal Design India Professional Website Design India Chicago Professional Web Design New York Professional Web Design California Website Design Florida Website Design New Jersey Website Design Britain UK Website Design London Manchester Website Design

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions