A.P. (DIR Series) Circular No.79
February 18, 2015
All Category – I Authorised Dealer Banks
Madam / Sir,
Guidelines on Import of Gold by Nominated Banks / Agencies
Attention of Authorised Dealer Category – I (AD Category – I) banks isinvited to the provisions contained in A.P.(DIR Series) Circular No.42 dated November 28, 2014 in terms of which the 20:80 scheme for import of gold was withdrawn in consultation with the Government .
2. The Reserve Bank of India and the Government have been receiving requests for clarification on some of the operational aspects of the guidelines on import of gold consequent upon the withdrawal of 20:80 scheme. Accordingly, in consultation with the Government, the following clarifications are issued:
3. AD Category –I banks may bring the contents of this circular to the notice of their constituents and customers concerned.
4. The directions contained in this circular have been issued under Section 10 (4) and Section 11 (1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.
(B. P. Kanungo)
Principal Chief General Manager