Certain restrictions were imposed on the import of various forms of gold by nominated banks/nominated agencies/ premier or star trading houses/SEZ units/EoUs which have been permitted to import gold for use in the domestic sector. On a review of the above instructions and in consultation with Government of India, it has been decided to rationalize the import of gold in any form/purity including import of gold coins/dore into the country.
Nominated banks/ Nominated agencies will ensure that at least one fifth of every lot of import of gold (in any form/purity including import of gold coins/dore) is exclusively made available for the purpose of export. They shall make available gold in any form for domestic use only to entities engaged in jewellery business/bullion dealers supplying gold to jewellers. Stating this, the Reserve Bank of India has in a notification issued to Nominated banks/ Nominated agencies asked them to ensure that they comply with these instructions while effecting the foreign exchange transactions put through by/for their clients. The instructions will, however, not apply to import of gold by units in the SEZ/EOUs / star trading houses who would import gold only for the purpose of exports, it added.
Read more: Revised Scheme for Import of Gold http://corporatelawreporter.com/2013/07/23/revised-scheme-for-import-of-gold/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+corporatelawreporter+%28Corporate+Law+Reporter+-+The+Daily+Journal%29#ixzz2aLdbz04Q