Gift City gold imports: Qualified jewellers can make advance payment

The Reserve Bank of India (RBI) has allowed qualified jewellers, as notified by International Financial Services Centres Authority (IFSCA), to remit advance payment for 11 days for import of gold through the India International Bullion Exchange — IFSC (IIBX), in GIFT City, Gujarat, or any other exchanges authorised by IFSCA.

Banks have been asked to carry out all the due diligence and ensure remittances sent are only for the bona fide import transactions through exchange/s authorised by IFSCA.

“The advance remittance for import of gold should not be leveraged in what-so-ever form for importing gold worth more than the advance remittance made,” a notification from the central bank said.