RBI/2006-2007/388
DBOD. IBD.BC.95 /23.67.002/2006-07 May
8, 2007 All the banks authorised to import Gold/Silver Dear Sir, Import
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
gold/gold coins.
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
banks/non-nominated banks.
4. Please acknowledge receipt. Yours
faithfully, (Vinay
Baijal)
Chief General Manager |