What changed
RBI replaced the single monthly statement on gold imports (from EOUs, SEZs, and nominated agencies) with two separate statements: a half-yearly statement (end-March/end-September) covering all importers with payment mode details, and a monthly statement for non-bank nominated agencies, EOUs, and SEZs. Both statements must be submitted even if nil, and can be emailed.
What it means for you
Banks must now track and report gold imports under two distinct timelines and formats, increasing operational complexity. The half-yearly statement requires payment mode breakdown (e.g., suppliers credit, consignment), while the monthly statement focuses on cumulative financial year data. This rationalization aims to improve data granularity for RBI's monitoring of gold imports.
What you must do
- Update internal reporting systems to generate the half-yearly statement (Annex A) and monthly statement (Annex B) as per new formats.
- Ensure both statements are submitted to RBI's Trade Division by the 10th of the following month/half-year, even for nil positions.
- Train staff on the new payment mode categories (delivery, suppliers credit, consignment, unfixed price) for the half-yearly report.
- Verify that cumulative monthly data for the financial year is accurately captured in the monthly statement.
Who it affects
All Category-I Authorised Dealer banks, Nominated banks and agencies importing gold, Export Oriented Units (EOUs) in gem and jewellery sector, Units in SEZs/EPZs in gem and jewellery sector
What is the deadline for submitting the new gold import statements?
Both the half-yearly and monthly statements must reach RBI's Trade Division by the 10th of the following month or half-year. For example, the half-yearly statement for March-end is due by April 10.
Do we need to submit these statements even if there are no gold imports?
Yes, both statements must be submitted even if there is a 'Nil' position. This ensures RBI has a complete record of all reporting periods.
Can we submit these statements via email?
Yes, RBI has allowed submission by email in addition to physical submission. Check with your regional RBI office for the specific email address.