Earlier Reserve Bank of India (RBI) had restricted import of gold to consignment basis by banks to meet the genuine needs of jewellery exporters. Now, this provision has been extended to all authorised dealers, nominated agencies or star trading houses taken into account the demands of jewellery exporters. All Letters of Credit (LoCs) are to be issued by such agencies on 100% cash margin basis for all categories of gold imports. Futher, gold will be imported against Documents against Payment basis as against Documents against Aceeptance basis. This requirement willn't be exercised in case of exports of gold jwellery.
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