- 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
