| Date: |
08-05-2007
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| Notification No: |
RBI/2006 2007/388DBOD IBD BC 95 /23 67 002/2006 07
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| Issuing Authority: |
RBI
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| Type: |
Master Circular
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| File No: |
RBI/2006-2007/388 |
| Subject: |
Import of Gold Coin - Tie-up arrangements
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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.
- 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.
- 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.
- Please acknowledge receipt.
Yours faithfully,
(Vinay Baijal)
Chief General Manager
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