RBI heralds fresh set of guidelines for gold dore bars import

MUMBAI (Scrap Monster) : The Reserve Bank of India (RBI) has declared fresh norms to curb imports of gold dore bars. The latest notification by the RBI is said to supersede the circular issued by the Indian Customs with regard to this earlier.

As per new guidelines, import of gold dore bars will be restricted to entities licensed by the Directorate General of Foreign Trade (DGFT).

The Customs officer at the port from where gold dore bars are imported shall ensure that the quantity of imports by the license-holder in the third consignment onwards from 14.08.2013 does not exceed five times the quantity of gold contained in the exported products for which proof of export has been submitted to the customs officer. The proof of export duly certified by the Central Excise Officer (CEO) in whose jurisdiction the refinery is registered shall be submitted by the license-holder. The customs officer shall maintain a license-holder wise record of gold imported and proof of exports.

The license-holder shall ensure that at least 20% of the gold manufactured out of each gold dore bar consignment is supplied to the exporters. For each consignment, the license-holders are bound to submit a report on utilization of gold dore bars, gold produced after refining, gold issued to exporters and the proof for exports duly certified by CEO.

In accordance with the new procedure, entities or units in the Special Economic Zones (SEZ)  and Export-Oriented Units (EOU), Premier and Star Trading Houses shall be permitted to procure gold from the refinery of the DGFT license-holder exclusively for the purpose of exports only.