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RBI issues Guidelines for Gold Import by Qualified Jewellers

Published on May 27, 2022
Current Context: Recently RBI has come up with some norms for the physical import of gold through the India International Bullion Exchange.
RBI issues Guidelines for Gold Import by Qualified Jewellers
  • As per the new rules apart from agencies that were nominated by RBI and DGFT. Qualified jewelers are also permitted to import gold.
  • These Qualified jewelers can only import gold through IIBX or other exchanges but it must be approved by International Financial Services Centers Authority.
  • In addition to it, banks can allow these jewelers to remit advance payment for 11 days for the import of gold.
  • Besides, the cost of the gold import should not be more than the value of advance remittance.
  • To ensure transparency and security RBI stated that all the payments done by Qualified jewelers for the import of gold must be done through ISCA.
  • This step has been taken to extend this platform for qualified jewelers also and to increase gold imports since it dipped by about 72% during April which amounts to $1.72Bn compared to $6.23Bn.

Question:

Q.1 As per the new rules how many days bank can allow qualified jewelers to remit advance payment?
a. 10 days
b. 13 days
c. 11 days
d. 20 days

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