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Corporate Laws Central Ministry of Finance Foreign Exchange Management Act, 1999

Guidelines on the import of silver by Qualified Jewellers as notified by the International Financial Services Centres Authority (IFSCA)

10-Nov-2023 | RBI/2023-2024/83 A.P. (DIR Series) Circular No. 07

Reserve Bank of India (RBI) has issued Guidelines on the import of silver by Qualified Jewellers as notified by the International Financial Services Centres Authority (IFSCA). The key highlights are:

1. Background: The circular refers to A.P. (DIR Series) Circular No.04 dated May 25, 2022, which permitted Authorised Dealer Category-I (AD Category-I) banks to remit advance payments on behalf of Qualified Jewellers for the import of gold through India International Bullion Exchange IFSC Ltd (IIBX).

2. New Notification by DGFT: The circular highlights Notification No.35/2023 dated October 11, 2023, issued by the Directorate General of Foreign Trade (DGFT). According to this notification, Qualified Jewellers, as notified by IFSCA, are permitted to import silver under specific ITC(HS) Codes through IIBX.

3. Advance Payment for Import of Silver: In line with the above, AD Category-I banks are now allowed to permit Qualified Jewellers to remit advance payment for eleven days for the import of silver through IIBX. This is subject to the conditions mentioned in A.P. (DIR Series) Circular No.04 dated May 25, 2022.

4. Communication to Constituents: AD Category-I banks are instructed to bring the contents of this circular to the notice of their constituents and concerned customers.

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