RBI issued a notification permitting qualified jewellers to import silver through India International Bullion Exchange IFSC Ltd (IIBX) in the same way that gold imports are permitted.
Reetu | Nov 14, 2023 |
RBI allows Qualified Jewellers to import Sliver in same way as Gold
The Reserve Bank of India (RBI) issued a notification on Friday permitting qualified jewellers to import silver through India International Bullion Exchange IFSC Ltd (IIBX) in the same way that gold imports are permitted.
Import banks have been directed to allow jewellers importing silver to remit advance payment for 11 days, as is the situation with gold.
“Qualified Jewellers as notified by International Financial Services Centres Authority (IFSCA) have been permitted to import silver under specific ITC(HS) Codes through IIBX,” said the notification issued by the RBI.
“It has been decided that Authorised Dealer (AD) Category-I banks may allow Qualified Jewellers to remit advance payment for eleven days for import of silver through IIBX subject to the conditions as mentioned in A.P. (DIR Series) Circular No.04 dated May 25, 2022,” according to the notification.
AD Category-I banks have also been instructed to bring the contents of this circular to the attention of their consumers.
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