RBI eases some curbs on import of gold …

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The Reserve Bank of India (RBI) on Wednesday eased gold import rules by allowing select trading houses, in addition to already permitted banks, to procure gold to boost exports.

“Star trading houses/premier trading houses (STH/PTH), which are registered as nominated agencies by the Director General of Foreign Trade (DGFT), may now import gold under 20:80 scheme,” RBI said in a notification.

“Taking into account such representations and in consultations with the Government of India, it has been decided to modify the guidelines for import of gold by the nominated banks/agencies/entities,” the RBI said.

The revised guidelines have come into force with immediate effect.

The eligible star trading houses and premier trading houses, however will have to follow certain conditions.

Further, it has been decided to permit the nominated banks, to give Gold Metal Loans (GML) to domestic jewellery manufacturers out of the eligible domestic import quota of 80% to the extent of GML outstanding in their books as on March 31, 2013.

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