Govt. allows Gold Import by qualified Jewellers notified by RBI, DGFT, IFSCA [Read Notification]

Govt - Gold Import - Qualified jewellers - RBI - DGFT - IFSCA - Taxscan

The government has allowed the Gold Import by qualified jewellers notified by RBI, DGFT, and IFSCA.

As per the existing policy the Import is allowed only through nominated agencies as notified by RBI (in case of banks) and DGFT (for other agencies). Gold dore can be imported by refineries against a license with AU condition. However, Revised Policy Condition says that the Import is allowed only through nominated agencies as notified by RBI (in case of banks), DGFT (for other agencies) and IFSCA (for qualified jewellers through India International Bullion Exchange).

Further, as per the existing policy Import is allowed only through nominated agencies as notified by RBI (in case of banks) and DGFT (for other agencies). However, the Revised Policy says that import is allowed only through nominated agencies as notified by RBI (in case of banks), DGFT (for other agencies) and IFSCA(for qualified jewellers through India International Bullion Exchange).

Import of gold/silver under Advance Authorisation and supply of gold/silver directly by foreign buyers to exporters under para 4.45 of FTP against export orders would continue to be governed by the relevant FTP provisions.

The expression “Gold in any form” includes gold in any form above 22 carats under Chapter-71 of ITC (HS), 2017, Schedule-I (Import Policy).

“In addition to nominated agencies as notified by RBI (in case of banks) and nominated agencies notified by DGFT, qualified jewellers as notified by International Financial Services Centres Authority (IFSCA) will be permitted to import gold under specific ITC(HS) Codes through India International Bullion Exchange IFSC Ltd. (IIBX). However, Import of gold/silver under Advance Authorisation and supply of gold/silver directly by foreign buyers to exporters under para 4.45 of FTP against export orders would continue to be governed by the relevant FTP provisions,” the notification read.

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