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BW Businessworld

RBI Extends Gold Import Restrictions To Agencies

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The Reserve Bank of India on 4 June' 2013 extended the restrictions on the import of gold on consignment basis by banks to all nominated agencies and trading houses.
Any import of gold will now be allowed only for meeting exporters' need of gold jewellery, the RBI said in a statement.
On May 13, the central bank had imposed the restriction on banks importing gold on consignment basis.
The RBI added that all letters of credit by the agencies for import of gold will be only on 100 per cent cash margin basis. All imports will necessarily have to be on "documents against payment" basis, not on "documents against acceptance" basis, it said.