What changed
RBI issued clarifications on gold import rules for AA/DFIA holders, stating that imports under these schemes are separate from the 20:80 scheme and don't count toward further import entitlements. For third and subsequent lots, import quantity is limited to the lower of five times the export proof submitted or the quantity permitted in the first or second lot. Gold Dore refiners can now import 15% of their licence quantity for each of the first two months.
What it means for you
Banks and nominated agencies must segregate AA/DFIA imports from the 20:80 scheme and track them separately to avoid over-entitlement. The new third-lot cap tightens import limits, requiring proof of exports before further imports. Gold Dore refiners get a clear monthly quota, easing planning but requiring strict compliance with DGFT licence quantities.
What you must do
- Segregate AA/DFIA imports from 20:80 scheme accounts and ensure they don't entitle further imports.
- For third and subsequent gold lots, calculate import quantity as the lower of 5x export proof or first/second lot quantity.
- For Gold Dore, limit first two months' imports to 15% of licence quantity and coordinate with DGFT for new refiners.
- Update internal systems to track export proofs and lot entitlements accurately.
- Inform constituents and customers about these clarifications immediately.
Who it affects
Scheduled commercial banks that are Authorised Dealers, Nominated banks and agencies for gold import, Gold Dore refiners, Entities holding AA/DFIA licenses, Exporters under Replenishment Scheme
Are AA/DFIA imports subject to the 20:80 scheme?
No, imports under AA/DFIA are outside the 20:80 scheme. They must be accounted for separately and do not entitle the nominated agency to any further imports.
How is the third lot of gold import calculated under the 20:80 scheme?
The third lot import quantity is the lesser of five times the export proof submitted or the quantity of gold permitted in the first or second lot.
What is the import limit for Gold Dore refiners in the first two months?
Refiners can import Gold Dore up to 15% of their licence quantity for each of the first two months, as per the clarification.