State/Central co-operative banks are currently permitted to grant advances against gold ornaments and jewellery. Under gold loans, some banks may have granted advances against specially minted gold coins sold by banks. As pointed out in the monetary policy statement, while granting advance against the security of specially minted gold coins sold by banks
Notification No. 40/2013 – Income Tax S.O. 1464(E) – In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes published in the Gazette of India, Extraordinary, vide number S.O. 709(E), dated the 20th August, 1998, namely:-
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance
An enabling provision has been made to allow export of goods imported against payment in freely convertible currency where export proceeds will be realized in rupees. This dispensation will be applicable to such countries as would be notified by DGFT from time to time. They also have to achieve 15% value addition.
