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"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
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