The Reserve Bank of India has further restricted the import of gold into the country by prohibiting inward shipment of gold coins, medallions and dores without license. From now onwards, import of gold in the form of coins and medallions is prohibited and henceforth all import of gold in any form or purity shall be subject to a licence issued by Directorate General of Foreign Trade (DGFT) prescribing 20-80 scheme, Economic Affairs Secretary Arvind Mayaram said in Delhi.
In June, gold imports were down but again surged in July with 47 tonnes of inward shipments compared to 31 tonne in the previous month. Import of gold in April-July rose 87 per cent to 383 tonne.
He said it shall be incumbent on all nominated banks, agencies and other entities to ensure that at least one-fifth, or 20 per cent, of every lot of import of gold is exclusively made available for the purpose of exports and the balance for domestic use. Also importers will be required to make full upfront payment for the shipments.