RBI revises gold import norms, says SEZ supplies not exports

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RBI revises gold import norms, says SEZ supplies not exports
Mumbai: The RBI Tuesday revised gold import norms to say that supplies of the metal to special economic zones (SEZs) will not be counted as exports to qualify for further purchases from overseas.As per existing norms, 20 percent of every lot of imported gold has to be made exclusively available for the purpose of exports.

"Gold made available by a nominated agency to units in the SEZ and export oriented units, Premier and Star trading houses shall not qualify as supply of gold to the exporters," RBI said, while revising its notification of August 14. It said that entities and units in SEZs and EoUs, Premier and Star trading houses are permitted to import gold exclusively for the purpose of exports.

The Reserve Bank of India has taken several measures in recent weeks to curb demand for gold, considered one of the major reasons for the widening current account deficit.The deficit touched a record 4.7 percent of GDP in the last fiscal.

The government aims to bring it down to USD 70 billion this fiscal from USD 88 billion in 2012-13. Gold imports in April-July rose 87 percent to 383 tonnes.

PTI

Read more about: rbi, gold import, sez, exports
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