DBOD. IBD.BC.95 /23.67.002/2006-07
All the banks authorised to import Gold/Silver
of Gold Coin - Tie-up arrangements
Under the Gold import
authorisation scheme as envisaged in AD (GP Series) Circular No. 7 dated March
6, 1998 issued by our Foreign Exchange Department, we have been authorizing banks
as Nominated Banks
to import gold for sale to jewellery manufacturers, exporters and domestic users.
2. It has now been brought to our notice that some of the Nominated banks
authorised to import gold are reportedly having tie-up arrangements with non-nominated
banks/non-banking financial companies/co-operative banks for retailing of imported
3. In this connection, it is advised that Nominated
banks should not enter into any tie up arrangements for retailing of gold/gold
coins with any other entity including non-banking financial companies/co-operative
4. Please acknowledge receipt.
Chief General Manager