![]() Imports stood at around 830 tonnes in 2012-13. India is the largest importer of gold,which is mainly utilised to meet demand of the jewellery industry. “It is a fair offer to retain 20 per cent of imported gold for export purpose as this would help address the CAD situation and strengthen the rupee value.” Welcoming the move,Gitanjali Group Managing Director Mehul Choksi said it will help strengthen the rupee. It further said that earlier instructions with regard to import of gold on consignment basis and against letters of credit have been withdrawn. The banks and other authorised agencies have been asked to strictly ensure that foreign exchange transactions effected are compliant with the new instructions,the RBI said,adding they will be responsible for monitoring operations. “Government of India will be issuing separate instructions,if any,to the customs authorities/DGFT to operationalize and monitor these import restrictions,” the RBI added. The RBI said that on a review of earlier norms,it “has been decided to rationalise the import of gold in any form/purity including import of gold coins/dore into the country” and the new guidelines come into force with immediate effect. The notification said units in special economic zones (SEZ) and export oriented units (EoUs),premier and star trading houses are permitted to import gold exclusively for the purpose of exports. The RBI further said banks and other authorised entities will be permitted to undertake fresh imports of gold only after the exports have taken place to the extent of at least 75 per cent of gold remaining in the customs bonded warehouse. The RBI and the government had earlier imposed other restrictions on import of gold to check CAD. The restrictions are meant to contain gold imports,which in addition to oil,is putting pressure on the current account deficit that soared to a record high of 4.8 per cent in 2012-13. The banks and other entities will also be required to retain 20 per cent of the imported quantity of the gold in customs bonded warehouses. It further added that such imports should be linked to financing of exporters by the nominated agencies. Related: Gold imports fall over 80% in June ![]() ![]() “It shall be incumbent on all nominated banks/nominated agencies to ensure that at least one fifth of every lot of import of gold (in any form/purity) is exclusively made available for the purpose of export,” the RBI said in a notification. ![]()
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |