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Thursday, May 22, 2014

Government eases gold import norms

Banks allowed to lend gold to domestic jewellery manufacturers from domestic import quota of 80% 

India has allowed Star Trading Houses / Premier Trading Houses (STH/PTH) which are registered as nominated agencies by the Director General of Foreign Trade (DGFT) to import gold under 20:80 scheme. 

The STH/PTH barred from importing gold since July 2013, would be able to import gold with easing of norms. 

The STH/PTH should have imported gold prior to the introduction of 20:80 scheme. The first lot of gold under this scheme would be based on the highest monthly import during any of the last 24 months prior to the RBI's notification dated 14 August 2013, subject to a maximum of 2000 Kgs. 

The overall discipline of exporting 20% of each imported consignment before the next consignment is imported will be equally applicable to such STH/PTH importers. 

Further, the nominated banks have been allowed to give Gold Metal Loans (GML) to domestic jewellery manufacturers out of the eligible domestic import quota of 80% to the extent of GML outstanding in their books as at end March 2013.
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