For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

RBI Withdraws Ban on Import of Gold by Nominated Banks

|

The Reserve Bank of India on Wednesday removed ban on import of gold coins by Nominated Banks and Star and Premier Trading Houses.

 

The RBI in a notification also said banks are permitted to import gold on consignment basis. All sale of gold domestically will, however, be against upfront payments. Banks are free to grant gold metal loans.

 
RBI Withdraws Ban on Import of Gold by Nominated Banks

While the import of gold coins and medallions will no longer be prohibited, pending further review, the restrictions on banks in selling gold coins and medallions are not being removed.

The obligation to export under the 20:80 scheme will continue to apply in respect of unutilised gold imported before November 28, 2014, i.e., the date of abolition of the 20:80 scheme.

GoodReturns.in

Read more about: rbi import gold coins
Story first published: Thursday, February 19, 2015, 10:38 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X