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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


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