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Gold import process in india The notified entities in India are permitted to import of Gold only after the issue of license by DGFT. The imported gold covered by the above license shall be  disposed-off in the manner specified by the DGFT. The conditions for the licence are  clearly mentioned in the licence itself.   

Entities Allowed to Import Gold Bars into India As per the RBI circular, import of Gold would be permitted only for entities notified by the Directorate General of Foreign Trade (DGFT). Currently, DGFT has permitted the following entities to import gold bars into India. 1. 2. 3. 4. 5. 6. 7. 8. 9.

Metals and Minerals Trading Corporation Limited (MMTC); Handicraft and Handloom Export Corporation (HHEC); State Trading Corporation (STC); Project and Equipment Corporation of India Limited. (PEC); STCL Limited; MSTC Limited; Diamond India Limited (DIL); Gems & Jewellery Export Promotion Council (G&J EPC); Star Trading House (only for Gems & Jewellery sector) or a Premier Trading House; 10. Any other agency authorized by Reserve Bank of India (RBI).

Conditions for Import of Gold Bars into India ● Import of gold in the form of coins and medallions is prohibited. ● Entities/units in the EOUs, Premier and Star Trading Houses would be permitted to import gold exclusively for the purpose of exports. These entities will not be permitted to clear imported gold for any purpose other than for exports. ● Gold imported against any authorization such as Advance Authorization/Duty Free Import Authorization (DFIA) should be utilized for export purposes only and there can be no diversion for domestic use. ● All gold imports must be routed through customs bonded warehouses; ● The import of gold dore bars will be permitted only against a license issued by the ​import export management course in pune​;


● Entities or units in the SEZ and EOUs, Premier and Star Trading Houses would be permitted to procure gold from the refinery of the license holder exclusively for the purpose of exports only and these entities would not be permitted to clear such gold for any purpose other than for exports. ● For each consignment of gold dore bars imported, the license holder must submit a report on utilization of gold dore bars, gold produced after refining, gold issued to exporters and the proof of export for the goods manufactured and exported by these exporters to the central excise officer.

GOLD IMPORT RULES IN INDIA 1. The import of gold should be strictly in accordance with the Foreign Trade Policy of the Government. 2. Entities/units in the SEZ and EoUs, Advance Authorisation, Duty Free Import Authorization (DFIA), Premier and Star trading houses are permitted to import gold exclusively for the purpose of exports only. 3. Star and Premier Trading Houses (STH/PTH) can import gold on Document against Payment (DP) basis as per entitlement without any end use restrictions. 4. The import of gold dore is permitted only against a licence issued by DGFT. [W.e.f. 1.6.2017, DGGFT is considering application for grant of licence for import of gold dore, only for applicant refinery who holds a valid licence from Bureau of Indian Standards (BIS)]. 5. AD Category I Banks may allow remittance for making payments for imports into India, after ensuring that all the requisite details are made available by the importer and the remittance is for bona fide trade transactions as per applicable laws in force. 6. Suppliers’ or Buyers’ Credit, or Usance period LCs wherever to be opened for direct import of gold, should not exceed 90 days from the date of shipment. 7. Nominated banks are permitted to import gold on consignment basis. All sale of gold domestically will, however, be against upfront payments. However, banks are free to grant gold metal loans. 8. The banks shall ensure that the financial standing, line of business and the net worth of the importer customer is commensurate with the volume of business turnover, before undertaking import transaction. 9. Banks shall closely examine any large or abnormal increase in the volume of business of the importer and ensure that the transactions are bonafide trade transactions. 10. While opening LC on behalf of the importer, the credentials of the supplier should also be ascertained.


11. KYC/AML norms should be strictly obeyed while undertaking transactions. 12. Banks shall follow up and record submission of the Bill of Entry for the Gold imported through them. 13. In order to establish audit trail of ​export import academy in pune​, all documents pertaining to such transactions must be preserved for at least five years. 14. The nominated banks)/ EOUs/ SEZs in Gem & Jewellery sector during the month under report as well as the cumulative position as at the end of the said month beginning from the 1st month of the Financial Year(April). Both the statements shall be submitted, even if there is ‘Nil’ position, by the 10th of the following month / half year, to which it relates.

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Gold import process in india  

The notified entities in India are permitted to import of Gold only after the issue of license by DGFT. The imported gold covered by the abo...

Gold import process in india  

The notified entities in India are permitted to import of Gold only after the issue of license by DGFT. The imported gold covered by the abo...

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