Gift City Gold Imports: Skilled Jewelers Can Prepay

The Reserve Bank of India (RBI) has permitted qualified jewelers as notified by the International Financial Services Centers Authority (IFSCA) to make advance payment for 11 days for the import of gold through India International Bullion Exchange – IFSC (IIBX), in GIFT City, Gujarat or any other exchange authorized by IFSCA.

Banks have been urged to carry out all due diligence and ensure that remittances sent relate only to bona fide import transactions through IFSCA authorized exchanges.

“Advance payment for importing gold should not be used in any form to import gold of a value greater than the advance payment made,” a notification from the central bank read.

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Elaine R. Knight