What changed
RBI has authorized AD banks to allow Qualified Jewellers (QJs) notified by IFSCA to import gold through IIBX or other IFSCA-approved exchanges. Advance payments for such imports are permitted for up to 11 days, subject to compliance with IFSCA regulations and DGFT policy. Unutilized advance amounts must be returned to the same AD bank within the 11-day period.
What it means for you
Banks can now facilitate gold imports for a new category of entities—Qualified Jewellers—through the India International Bullion Exchange, broadening the import ecosystem. AD banks must ensure strict due diligence, that advance remittances are not leveraged, and that import evidence (Bill of Entry) is submitted. This aligns with the government's push to streamline gold imports via IFSCA and IIBX.
What you must do
- Update internal policies to allow advance remittance up to 11 days for QJs importing gold via IIBX or IFSCA-approved exchanges.
- Verify that the QJ is notified by IFSCA and that the import is under specified ITC(HS) codes through IIBX.
- Ensure all due diligence is performed and that remittances are only for bona fide import transactions through IFSCA-authorized exchanges.
- Monitor that unutilized advance amounts are returned to your bank within 11 days if the import does not materialize.
- Collect and verify Bill of Entry or equivalent customs document as proof of import for each transaction.
Who it affects
Category-I Authorised Dealer Banks, Qualified Jewellers notified by IFSCA, India International Bullion Exchange (IIBX) and other IFSCA-approved exchanges, Customs authorities handling gold imports
What is the maximum advance remittance period allowed for QJs importing gold through IIBX?
AD banks can allow advance remittance for up to 11 days for import of gold through IIBX, as per the terms of the sale contract or irrevocable purchase order under IFSCA regulations.
What happens if the gold import does not materialize after advance remittance?
The unutilized advance remittance must be remitted back to the same AD bank within the specified 11-day time limit.
Who conducts due diligence on the exchange and entities involved in these gold imports?
IFSC Authority (IFSCA) will conduct all required due diligence on IIBX and other entities involved in enabling gold imports by QJs, and ensure advance remittances are used solely for that purpose.