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June 2013

A. P. (DIR Series) Circular No. 103 dated 13th May, 2013

By Gaurang Gandhi, Chartered Accountant
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27. A. P. (DIR Series) Circular No. 103 dated 13th May, 2013
    
Import of Gold by Nominated Banks/Agencies

Presently, gold can be imported by the nominated banks/agencies on a consignment basis. Ownership of the gold will rest with the supplier and the nominated banks/agencies only act as agents of the supplier. Remittances towards the cost of import have to be made as and when sales take place.

This circular restricts the import of gold on consignment basis, by providing that banks can import gold on consignment basis, only to meet the genuine needs of exporters of gold jewellery.

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