Govt allows certain gold imports through India International Bullion Exchange IFSC

The government on Wednesday permitted qualified jewellers to import certain kinds of gold including certain unwrought forms through India International Bullion Exchange IFSC Ltd.
The changes were notified by the Directorate General of Foreign Trade (DGFT) in its amendment in the gold import policy.

“In addition to nominated agencies notified by RBI (in case of banks) and nominated agencies notified by DGFT, qualified jewellers as notified by International Financial Sevices Centres Authority (IFSCA) will be permitted to import gold through India International Bullion Exchange IFSC Ltd,” the directorate said in a notification.

However, import of gold and silver under Advance Authorisation and supply of gold and silver directly by foreign buyers to exporters against export orders would continue to be governed by the foreign trade policy.

The DGFT kept unchanged the policy on import of powder, unwrought grains, sheets, plates and semi-manufactured forms of gold. Their imports will remain restricted and allowed through nominates agencies notified by the RBI and DGFT.

COurtesy: Economic Times