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Corporate Laws Central Ministry of Finance International Financial Services Centres Authority Act, 2019

Import of gold and silver by Indian Banks through India International Bullion Exchange IFSC Limited

19-Apr-2024 | 329/IFSCA/Bullion MIIs/2024-25/01

RBI has issued circular authorizing Indian banks to import gold/silver acting as Special Category Clients (SCC) of the International Bullion Exchange IFSC Limited (IIBX). Key highlights:- 1. RBI has permitted authorized Indian Banks to import gold/silver on behalf of their clients by directly accessing the trading system of the IIBX, without the need for a Bullion Trading Member. Such banks shall utilize the services of an IFSC Banking Unit (IBU) registered as a Bullion Clearing Member for clearing of their purchase transactions 2. SCC Banks shall only place a buy order on the IIBX for the purpose of import of gold/silver on behalf of their clients. SCC Banks shall not enter a sell order on the IIBX. 3. While SCC Bank can buy on the IIBX on behalf of its clients, orders on the IIBX shall be placed in its own name. Unique Client Code (UCC) are used for placing such orders. 4. SCC Banks shall ensure that the Bullion Depository Receipts (BDRs) they purchase on the IIBX are extinguished and that the Bill of Entry is filed by them within eleven calendar days from the date of remittance. 5. SCC Banks shall not be considered as Bullion Trading Members or intermediaries of the IIBX. 6. SCC Banks shall comply with all the other applicable norms specified in IFSCA (Bullion Exchange) Regulations, 2020, Operating Guidelines specified by IFSCA on August 25, 2021 and other regulatory requirements as may be specified, and amended, by IFSCA and IIBX. They shall also comply with the Code of Conduct issued by IIBX.

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