Import of Gold- Tie-up arrangements

Under the Gold import authorisation scheme, Reserve Bank of India have been authorizing banks as Nominated Banks to import gold for sale to jewellery manufacturers, exporters and domestic users.

However, 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.

RBI has instructed nominated banks to 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.

List of Nominated Banks authorized to import Gold/Silver ...Click here


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