RBI lifts ban on import of gold coins, medallions by banks

Section:

By the Press Trust of Inda
via The Times of India, Mumbai
Wednesday, February 18, 2015

MUMBAI -- The Reserve Bank of India today lifted the ban on imports of gold coins and medallions by banks and trading houses.

In a notification the RBI also said banks are permitted to import gold on consignment basis. Domestic sales will be, however, permitted against up-front payment only.

"While 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," it said.

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, the notification said. ...

... For the remainder of the report:

http://economictimes.indiatimes.com/news/economy/policy/rbi-lifts-ban-on...



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