A. P. (DIR Series) Circular No. 15 dated 22nd July, 2013

This circular has modified the policy for import of gold by nominated banks/agencies as under:

A. Nominated Banks/Agencies

1.
They have to ensure that at least 20% of every lot of import of gold
(in any form/purity including import of gold coins/dore) is exclusively
made available for the purpose of export. Such imports have to be linked
to the financing of exporters by the nominated agencies (i.e. average
of last three years or any one year whichever is higher). Further,

2.
They can make available gold in any form for domestic use only to
entities engaged in jewellery business/bullion dealers supplying gold to
jewellers.

3. They will be required to retain 20% of the imported quantity in the customs bonded warehouses.

4.
They are permitted to undertake fresh imports of gold only after the
exports have taken place to the extent of at least 75% of gold remaining
in the customs bonded warehouse.

5. Any import of gold under any type of scheme, shall follow the 20/80 principle set out at (1) and (3) above.

6. Any other instructions, as regards import of gold on consignment basis, LC restrictions etc. stand withdrawn.

Entities/units
in the SEZ and EOU, Premier and Star trading houses are permitted to
import gold exclusively for the purpose of exports only.