LI Network
Published on: November 11, 2023 at 00:20 IST
The Reserve Bank of India (RBI) has issued a notification on Friday, extending the opportunity for qualified jewellers to import silver through the India International Bullion Exchange IFSC Ltd (IIBX). This move aligns the import procedures for silver with those already established for gold.
Banks engaged in import transactions have received specific directives from the RBI, allowing jewellers involved in silver imports to make advance payments for 11 days, mirroring the existing process for gold imports.
The RBI order explicitly mentions, “Qualified Jewellers as notified by the International Financial Services Centres Authority (IFSCA) have been permitted to import silver under specific ITC(HS) Codes through IIBX.”
Furthermore, the circular emphasizes that Authorised Dealer (AD) Category-I banks are authorized to enable qualified jewellers to remit advance payments for an eleven-day period for silver imports through IIBX. This authorization is, however, subject to the conditions outlined in A.P. (DIR Series) Circular No.04 dated May 25, 2022.
To ensure widespread awareness, AD Category-I banks have been instructed to bring the contents of this circular to the attention of their concerned customers.
This regulatory move by the RBI is expected to streamline and standardize the import processes for both precious metals, fostering a more synchronized and efficient mechanism for the country’s jewellery industry.
