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DGFT POLICY CIRCULAR NO. 32 (RE-2004)/2002-2007   Dated : 16th April, 2004

Subject :  Notification No. 29 dated 28.1.2004 consequences thereof for Duty Free import of gold for exports.


      The import of gold and silver was made free subject to RBI regulations vide Notification No. 29 dated 28.1.2004.  There have been several queries from the trade and other stakeholders whether the erstwhile system of imports through nominated agencies and banks would continue to be operational.


2.            It is hereby reiterated that the Policy of duty free imports through the nominated agencies and 15 nominated banks detailed in Chapter 4 of the EXIM Policy and Handbook of Procedures will continue to be operational.  Exporters will continue to have the option to import duty free gold and silver for exports through the nominated agencies or directly under the Advance Licensing Scheme.


3.    RBI reserves the right to regulate the import of gold as laid down in Notification No. 29 dated 28.1.2004 as gold and silver are also used as currency and are surrogate for foreign exchange.  All such change in the RBI regulations are deemed to be covered by the EXIM Policy in terms of the Notification No. 29 dated 28.1.2004


This issues with the approval of the DGFT.