Silver imports are made easier in India!

JNI recently broke the news in the context of; India UAE-FTA, route to import gold under the FTA. The International Financial Services Centres Authority (IFSCA) recently notified the Guidelines on Import of Silver by Qualified Jewellers.

The attention of Authorised Dealer Category-I banks is requested in accordance with which AD Category-I banks have been permitted to remit advance payments on behalf of Qualified Jewellers as notified by International Financial Services Centres Authority (IFSCA) for import of gold through India International Bullion Exchange IFSC Ltd (IIBX) for eleven days.

Furthermore, AD Category-I banks are invited to participate in accordance with which, in addition to nominated agencies as notified by the RBI and DGFT, Qualified Jewellers as notified by the International Financial Services Centres Authority (IFSCA) have been permitted to import silver under specific ITC (HS) Codes through IIBX.

As a result, it has been decided that AD Category-I banks may allow Qualified Jewellers to remit advance payment for import of silver through IIBX for eleven days subject to the conditions specified in A.P. AD Category-I banks may bring the contents of this circular to the attention of their constituents and customers concerned.

The instructions in this circular have been issued in accordance with the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999), and are without prejudice to any clearances or approvals required under any other legislation.

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