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March 2015

A. P. (DIR Series) Circular No. 79 dated February 18, 2015

By Gaurang Gandhi Chartered Accountant
Reading Time 1 mins
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Guidelines on Import of Gold by Nominated Banks / Agencies This circular clarifies the operational aspects of the guidelines on import of gold consequent upon the withdrawal of 20:80 scheme as under: –

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.

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