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Gold Dore Import Rules Tightened for Refineries

Current · Source: Reserve Bank of India · RBI/2013-14/423 · issued 31 Dec 2013 · ~1 min read
Quick answerRBI has issued new norms for gold dore imports by refineries: initial 15% of average viable quantity on FIFO in the first two months, then lot-wise based on export performance, with 80% domestic sale cap and 5x export-linked import limit.
The rule, in the simplest words
How it plays out — a real example

A branch operations officer in Mumbai receives a request from a refinery to import a new lot of gold dore. She checks the refinery's records: they have already sold 85% of the previous lot domestically, which exceeds the 80% cap. She politely explains that they must first export more gold or wait until domestic sales drop below 80% before she can approve the next import.

What changed

RBI clarified that refineries can initially import gold dore up to 15% of their gross average viable quantity based on license entitlement, on a FIFO basis, in the first two months. Subsequent imports must be determined lot-wise based on export performance, with no more than 80% allowed for domestic sale before the next import. Imports thereafter are capped at 5 times the quantum for which proof of export has been submitted, on an accrual basis.

What it means for you

Banks acting as authorized dealers must ensure refineries comply with the new 20:80 principle (20% export, 80% domestic sale) and FIFO release of refined gold. The 5x export-linked import cap tightens working capital cycles for refineries, potentially reducing gold import volumes. CBEC will monitor compliance, so banks need to verify export proof before allowing further imports.

What you must do

Who it affects

Scheduled commercial banks authorized as ADs in foreign exchange, Agencies nominated for gold import, Gold refineries importing dore

❓ Common questions

What is the initial import limit for gold dore under this circular?

Refineries can import dore up to 15% of their gross average viable quantity based on license entitlement, on a FIFO basis, for the first two months.

📜 Read the original circular — full text as issued by RBI
RBI/2013-14/423 A.P. (DIR Series) Circular No.82 December 31, 2013 To All Scheduled Commercial Banks which are Authorized Dealers (ADs) in Foreign Exchange/ All Agencies nominated for import of gold Madam / Sir, Import of Gold by Nominated Banks/Agencies/Entities Attention of Authorized Persons is drawn to the Reserve Bank’s A.P. (DIR Series) Circular No. 25 dated August 14, 2013 and A.P. (DIR Series) Circular No. 73 dated November 11, 2013 on the captioned subject. 2. Government of India and the Reserve Bank of India have been receiving representations related to import of gold dore. Taking into account these representations and in consultation with the Government of India, it has been decided to issue the following clarifications which shall come into force with immediate effect : Refineries are allowed to import dore up to 15% of their gross average viable quantity based on their license entitlement in the first two months for making this available to the exporters on First in First out (FIFO) basis. Subsequent to this, the quantum of gold dore to be imported should be determined lot-wise on the basis of export performance. Before the next import, not more than 80% shall be allowed to be sold domestically. The dore so imported shall be refined and shall be released based on FIFO basis following 20:80 principle. This would be monitored by CBEC as earlier. The imports, thereafter, shall be allowed only up to 5 times the quantum for which proof of export has been submitted. This shall be on accrual basis. 3. Authorized Dealers may bring the contents of this circular to the notice of their constituents and customers concerned. 4. The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999), and are without prejudice to permissions / approvals, if any, required under any other law. Yours faithfully, (C. D. Srinivasan) Chief General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2013-14/423 · issued 31 Dec 2013. The plain-English explanation above is BankPulse’s own independent summary.
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Who does what — compliance checklist
⚙️ Operations
  • Monitor FIFO-based release of refined gold and maintain records for CBEC inspection.
📜 Compliance
  • Update internal procedures to verify refineries' license entitlement and gross average viable quantity for initial dore imports.
  • Ensure that before each subsequent import, refineries have not sold more than 80% of the previous lot domestically.
  • Require proof of export (on accrual basis) before allowing imports beyond the initial 15% threshold, capped at 5 times the export quantum.
Grouped from the action items above — a single circular may involve more than one team.
Worked example & action-note template

Example: if you are a Compliance officer at a bank this circular applies to (Scheduled commercial banks authorized as ADs in foreign exchange, Agencies nominated for gold import, Gold refineries importing dore), your first concrete step on “Gold Dore Import Rules Tightened for Refineries” is: “Update internal procedures to verify refineries' license entitlement and gross average viable quantity for initial dore imports.” (RBI issued this 31 Dec 2013).

  1. Circular: RBI/2013-14/423 -- Gold Dore Import Rules Tightened for Refineries
  2. Issued: 31 Dec 2013
  3. Action required: Update internal procedures to verify refineries' license entitlement and gross average viable quantity for initial dore imports.
  4. Action required: Ensure that before each subsequent import, refineries have not sold more than 80% of the previous lot domestically.
  5. Action required: Require proof of export (on accrual basis) before allowing imports beyond the initial 15% threshold, capped at 5 times the export quantum.
  6. Action required: Monitor FIFO-based release of refined gold and maintain records for CBEC inspection.
  7. Owner: ____________ Target date: ____________
  8. Board/committee approval needed? Y / N
  9. Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.

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Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=8661&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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