Study Material | Test Series
Drishti IAS
call1800-121-6260 / 011-47532596
Drishti The Vision Foundation
(A unit of VDK Eduventures Pvt. Ltd.)
prelims Test Series 2019
बेसिक इंग्लिश का दूसरा सत्र (कक्षा प्रारंभ : 22 अक्तूबर, शाम 3:30 से 5:30)
RBI Lifts Ban on Imports of Gold Coins
Feb 22, 2015

The Reserve Bank of India (RBI) lifted the ban on imports of gold coins and medallions by banks and trading houses. The RBI in a notification also said banks are permitted to import gold on consignment basis. 

 Key Points 

  • Domestic sales will be permitted against upfront payment only.

  • The import of gold coins and medallions will no longer be prohibited, pending further review, the restrictions on banks in selling gold coins and medallions are not being removed.

  • Aiming to tame the then widening current account deficit, the apex bank in August 2013 had prohibited imports of gold coins and medallions besides restricting inbound shipments of the metal.

  • Under the 80:20 scheme, which was withdrawn on November 28, 2014, gold imports were linked with its exports.

  • The obligation to export under the scheme will continue to apply in respect of unutilized gold imported before November 28, 2014.

  • Banks are free to grant gold metal loans.

  • Star and Premier Trading Houses (STH/PTH) can import the metal as per entitlement without any end-use restrictions.

  • Gold imports surged 8.13 per cent year-on-year to 1.55 billion dollar in January on easing of restrictions by the RBI.

  • India is the largest importer of gold, which is mainly utilized to meet the demand of jewellery industry.

The RBI and the government have been receiving requests for clarification on some of operational aspects of guidelines on import of gold after withdrawal of restrictions on import of the metal on November 28 last year


Helpline Number : 87501 87501
To Subscribe Newsletter and Get Updates.

http://www.drishtiias.com/upsc-current-affairs-article-RBI-Lifts-Ban-on-Imports-of-Gold-Coins