Skip to main content

Guidelines for import of Gold and Silver

Reserve Bank of India (RBI) has issued guidelines for import of gold and silver.

Who can import gold and silver in India?

The following entities are permitted to import gold under specific ITC(HS) Codes through India International Bullion Exchange IFSC Ltd. (IIBX) –

  • Nominated agencies as notified by Reserve Bank of India (RBI) (in case of banks).
  • Nominated agencies as notified by Directorate General of Foreign Trade (DGFT).
  • Qualified Jewellers (QJ) as notified by International Financial Services Centers Authority (IFSCA). The list of QJs is available at https://www.ifsca.gov.in/Directory/index/%20BeofL9D7gY=.
  • Valid Tariff Rate Quota (TRQ) holders under the India-United Arab Emirates (UAE) Comprehensive Economic Partnership Agreement (CEPA) as notified by the IFSCA.

Further, Qualified Jewellers (QJ) as notified by IFSCA are also permitted to import silver under specific ITC(HS) Codes through IIBX.

(Updated on February 04, 2024)

What are the conditions for import of gold and silver?

Resident QJs can import gold and silver and valid TRQ holders under the UAE-CEPA can import gold against the TRQ, subject to the following –

  • AD banks may allow QJs and TRQ holders to remit advance payments for 11 days for import of gold / silver through IIBX. 
  • AD banks shall ensure that advance remittance for such import through exchanges authorised by IFSCA shall be as per the terms of the sale contract or other document in the nature of an irrevocable purchase order. 
  • AD bank shall ensure that the remittances sent are only for the bona fide import transactions through exchanges authorised by IFSCA.
  • The advance remittance for import of gold / silver should not be leveraged in what-so-ever form for importing gold / silver worth more than the advance remittance made.
  • In case the import of gold / silver through IFSCA authorised exchange, for which advance remittance has been made, does not materialize, or the advance remittance made for the purpose is more than the amount required, the unutilised advance remittance shall be remitted back to the same AD bank within the specified time limit of 11 days.
  • For gold / silver imported through IIBX, QJ and TRQ holders shall submit the Bill of Entry (or any other document evidencing import) issued by Customs Authorities to the AD bank from where advance payment has been remitted.
  • All payments by QJs and TRQ holders for imports of gold / silver through IIBX, shall be made through exchange mechanism. 
  • Any deviation from the guidelines for import of gold / silver through IIBX need to be approved in advance by IFSCA and other applicable and appropriate authorities.

What are ITC(HS) Codes?

  • The Harmonized Commodity Description and Coding System, also known as the Harmonized System (HS) of tariff nomenclature is an internationally standardized system of names and numbers to classify traded products. It came into effect in 1988 and has since been developed and maintained by the World Customs Organization (WCO), an independent intergovernmental organization based in Brussels, Belgium, with over 200 member countries.
  • Indian Trade Clarification based on Harmonized System (ITC-HS) Codes was adopted in India for import-export operations. Indian custom uses an 8 digit ITC-HS Codes to suit the national trade requirements.


References

Government of India. (n.d.). 'HS Codes'. Retrieved from https://mpeda.gov.in/?page_id=1052

Reserve Bank of India. (2022, May 25). 'Guidelines on import of gold by Qualified Jewellers as notified by – The International Financial Services Centers Authority (IFSCA)'. Retrieved from https://rbi.org.in/Scripts/NotificationUser.aspx?Id=12324&Mode=0

Reserve Bank of India. (2023, November 10). 'Guidelines on import of silver by Qualified Jewellers as notified by – The International Financial Services Centres Authority (IFSCA)'. Retrieved from https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12565&Mode=0

Reserve Bank of India. (2024, January 31). 'Guidelines on import of gold by Tariff Rate Quota (TRQ) holders under the India-UAE CEPA as notified by–The International Financial Services Centres Authority (IFSCA)'. Retrieved from https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12604&Mode=0


Follow at - Telegram   Instagram   LinkedIn   Twitter   Facebook

Labels:

Comments

Post a Comment

Popular Posts

Framework for recognition of Self-Regulatory Organisation (SRO) for Payment System Operators (PSOs)

Reserve Bank of India (RBI) had released the framework for recognition of Self-Regulatory Organisation (SRO) for Payment System Operators (PSOs). What is the need of Self-Regulatory Organisation (SRO) for Payment System Operators (PSOs)? Industry self-governance helps in industry-wide smooth operations and ecosystem development. RBI’s Payment and Settlement Systems Vision 2019-21 had, therefore, envisaged the setting up of an SRO for PSOs. Accordingly, the framework for recognition of SRO for PSOs was released in October 2020. What shall be the role of SRO for PSOs? An SRO is a non-governmental organisation that sets and enforces rules and standards relating to the conduct of member entities in the industry, with the aim of protecting the customer and promoting ethical and professional standards.  The SRO is expected to resolve disputes among its members internally through mutually accepted processes to ensure that members operate in a disciplined environment and even accept penal ...
Post a Comment
Read more

RBI’s Monetary Policy (December 05, 2025): In A Nutshell

The bi-monthly monetary policy of Reserve Bank of India (RBI) was announced on December 05, 2025. Here are some of the highlights of the monetary policy announcement. Rates   Change Rate Policy repo rate Reduced by 25 bps 5.25% Standing deposit facility (SDF) rate 5.00% Marginal standing facility (MSF) rate 5.50% Bank rate 5.50% Monetary policy stance Monetary policy stance unchanged as ‘neutral’. Domestic Economy  Real Gross Domestic Product (GDP) growth accelerated to 8.2% in Q2, buoyed by strong spending during the festive season which was further facilitated by the rationalisation of the goods and services tax (GST) rates.  Real GDP growth for 2025-26 is projected at 7.3%. For the first time since the adoption of flexible inflation targeting (FIT), average headline inflation for a quarter at 1.7% in Q2, breached the lower tolerance threshold (2%) of the inflation target (4%). It dipped further to an all-time low of 0.3% in October 2025. The underlying inflation pressu...
Post a Comment
Read more

Reserve Bank of India Act, 1934 – Part-II – Section 17 to 19

The Reserve Bank of India Act, 1934 provides the statutory basis of the functioning of the Reserve Bank of India (RBI). In a series of articles, we will briefly go through the provisions of RBI Act, 1934. This is the second article in the series.  Section 17 – Business which the Bank may transact RBI shall be authorized to carry on and transact the several kinds of business hereinafter specified, namely – 17(1) – Accept deposit without interest from the Central / State Government, local authorities, banks and any other persons. 17(1A) – Accept deposit, repayable with interest, from banks or any other person under the Standing Deposit Facility Scheme, as approved by the Central Board, for the purposes of liquidity management.   Bills of Exchange (B/E) & Promissory Note (PN) Bearing 2 or more good signatures, one of which shall be of B/E & PN arising out of Maturing within 17(2)(a) Purchase, sale and rediscou...
Post a Comment
Read more

Reserve Bank of India Act, 1934 – Part-V – Section 45B to 45JA

The Reserve Bank of India Act, 1934 provides the statutory basis of the functioning of the Reserve Bank of India (RBI). In a series of articles, we will briefly go through the provisions of RBI Act, 1934. This is the fifth article in the series.  Chapter IIIA - Collection and Furnishing of Credit Information Section 45B – Power of Bank to collect credit information RBI may collect credit information from banking companies and furnish it to any banking company in accordance with section 45D. Section 45C – Power to call for returns containing credit information RBI may direct any banking company to submit statements relating to credit information. Section 45D – Procedure for furnishing credit information to banking companies A banking company may apply to RBI to provide credit information. RBI shall furnish the requested credit information without disclosing the names of the banking companies which have submitted the information. RBI may levy fees of up to Rs.25 for furnishing credit...
Post a Comment
Read more

Systematically Important Banks (SIBs)

Some banks are identified as systematically important and are subjected to higher capital requirements. When are banks termed as systematically important? What are the additional capital requirements for such banks? And which are the systematically important banks in India? What are Systematically Important Banks (SIBs)? Systematically Important Banks (SIBs) are perceived as banks that are ‘Too Big To Fail (TBTF)’.  Why additional policy measures are required for SIBs? The perception of TBTF creates an expectation of government support for these banks at the time of distress. Due to this perception, these banks enjoy certain advantages in the funding markets. However, the perceived expectation of government support amplifies risk-taking, reduces market discipline, creates competitive distortions, and increases the probability of distress in the future. These considerations require that SIBs should be subjected to additional policy measures to deal with the systemic risks and moral ...
Post a Comment
Read more