Introduction: The Directorate General of Foreign Trade (DGFT), under the Ministry of Commerce & Industry, Government of India, issued a significant corrigendum on 09th February 2024, to Public Notice No. 28/2023 dated 18th August 2023. This amendment specifically alters the headings of Table A and Table B, which enumerate the banks authorized by the Reserve Bank of India (RBI) to import gold and silver for the financial year 2023-24. This analysis aims to elucidate the implications and significance of the revised headings in the context of India’s foreign trade policy.
Detailed Analysis: The original Public Notice No. 28/2023 dated 18th August 2023, introduced a list of banks authorized by the RBI for the importation of gold and silver for FY 2023-24. However, the recent corrigendum has modified the headings of Table A and Table B to clarify the effective period and scope of authorization.
Modifications in the Corrigendum:
- Table A: Previously titled “List of Banks Authorized by RBI to Import Both Gold and Silver for FY 2023-24 Valid up to March 31, 2024,” has been revised to indicate that the authorization is effective from April 1, 2023, and remains valid until March 31, 2024.
- Table B: Initially stated as “List of Banks Authorized by RBI to Import Only Gold for FY 2023-24 Valid up to March 31, 2024,” now also specifies the authorization period starting from April 1, 2023, to March 31, 2024.
Implications of the Corrigendum: The corrigendum brings clarity to the operational timeframe for the authorized banks, ensuring that there is no ambiguity regarding the validity period of their authorization to import gold and silver. By specifying the effect from April 1, 2023, the DGFT reinforces the alignment of these authorizations with the fiscal year 2023-24, providing a clear timeline for banks and stakeholders involved in the importation process.
Conclusion: The issuance of the corrigendum to Public Notice No. 28/2023 is a testament to the DGFT’s commitment to maintaining clarity and precision in India’s foreign trade policies. By revising the headings of Table A and Table B, the DGFT ensures that authorized banks and their stakeholders have a clear understanding of the validity period for importing gold and silver. This move not only facilitates smoother operations in the import sector but also upholds the integrity of India’s foreign trade framework for the fiscal year 2023-24.
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Government of India
Ministry of Commerce & Industry
Department of Commerce
Directorate General of Foreign Trade
Vanijya Bhawan, New Delhi
Dated: 09.02.2024
CORRIGENDUM
Subject: Corrigendum to Public Notice no. 28/2023 dated 18.08.2023-reg
In exercise of powers conferred under Paragraph 1.03 & 2.04 of the Foreign Trade Policy 2023, as amended from time to time, the Directorate General of Foreign Trade hereby partially modifies the headings of Table A and Table B of Public Notice No. 28/2023 dated 18th August 2023 as follows:
|
Existing heading of Table A |
Revised heading of Table A |
| A. LIST OF BANKS AUTHORISED BYA. RESERVE BANK OF INDIA TO IMPORT BOTH GOLD AND SILVER FOR FY 2023-BOTH 24 VALID UPTO MARCH 31, 2024 | LIST OF BANKS AUTHORISED BY RESERVE BANK OF INDIA TO IMPORT GOLD AND SILVER FOR FY 202324 WITH EFFECT FROM 01.04.2023 AND VALID UPTO 31.03.2024. |
| Existing heading of Table B | Revised heading of Table B |
| B. LIST OF BANKS AUTHORISED BY RESERVE BANK OF INDIA TO IMPORT ONLY GOLD FOR FY 2023-24 VALID UPTO MARCH 31, 2024. | B. LIST OF BANKS AUTHORISED BY RESERVE BANK OF INDIA TO IMPORT ONLY GOLD FOR FY 2023-24 WITH EFFECT FROM 01.04.2023 AND VALID UPTO 31.03.2024. |
Effect of this Corrigendum:
The heading of Table A and Table B of Public Notice No. 28/2023 dated 18th August 2023 have been partially modified to make the list of banks effective from the 1st of April, 2023
(Santosh Kumar Sarangi)
Director General of Foreign Trade
Ex-officio Additional Secretary to Government of India
E-mail: [email protected]
(Issued from File No. 01/94/180/261/AM18/PC-4)
