RBI issues Guidelines on Import of Gold by Qualified Jewellers under IFSCA
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- By Chetan Kulasri
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- Last Updated on 27 May, 2022
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Circular no. RBI/2022-2023/57 A.P. (DIR Series) Circular No.04, Dated: 25.05.2022
RBI in order to enable resident Qualified Jewellers to import gold via IIBX or any other exchange approved by IFSCA and DGFT has issued guidelines on import of gold by Qualified Jewellers. AD banks may allow Qualified Jewellers to remit advance payments for 11days for import of Gold via IIBX in compliance to Foreign Trade Policy & regulations issued under IFSCA Act.
IFSC Authority (IFSCA) will conduct all the required due diligence on the exchange – IIBX including all other entities involved in enabling the import of Gold by Qualified Jewellers in terms of the IFSCA regulations. Further, IFSCA shall also put in place the necessary system to ensure that the advance remittance received from Qualified Jewellers are solely for the purpose of import of gold through IIBX.
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