RBI allows advance payment for silver imports via IIBX
Current · Source: Reserve Bank of India · RBI/2023-2024/83 · issued 10 Nov 2023 · ~2 min read
Quick answerAD Category-I banks can now allow Qualified Jewellers to remit advance payment for 11 days for silver imports through IIBX, mirroring existing gold import rules under A.P. (DIR Series) Circular No.04 dated May 25, 2022.
The rule, in the simplest words
Banks can now let Qualified Jewellers (special jewelers approved by IFSCA) pay in advance for silver imports through IIBX (India International Bullion Exchange), just like they already could for gold.
The advance payment can only be for 11 days, meaning the jeweler must get the silver within 11 days after paying.
Only Qualified Jewellers (jewelers listed by IFSCA) can use this rule; banks must check that the customer is on that list before allowing the payment.
This rule follows the same conditions as the gold import rule from May 25, 2022, so banks should use those same steps for silver now.
How it plays out — a real example
A forex & trade-finance officer in Mumbai receives a request from a Qualified Jeweller to send advance payment for a silver shipment via IIBX. The officer checks the IFSCA list, confirms the jeweler is approved, and processes the 11-day advance remittance, just as she would for a gold import. This saves the jeweler from waiting and keeps the bank's trade finance team busy with a new silver deal.
What changed
RBI has extended the facility of advance payment remittance for 11 days to Qualified Jewellers for importing silver through IIBX. Previously, this facility was available only for gold imports under the same conditions. The change follows DGFT Notification No.35/2023 dated October 11, 2023, which permitted Qualified Jewellers to import silver under specific ITC(HS) Codes via IIBX.
What it means for you
Banks can now process advance payments for silver imports by Qualified Jewellers, expanding their bullion financing operations. This aligns silver import rules with gold, simplifying compliance for lenders dealing with IIBX transactions. It may increase demand for trade credit and forex services from jewellers.
What you must do
Update internal policies to include silver imports under the same advance payment conditions as gold for Qualified Jewellers.
Ensure compliance with conditions in A.P. (DIR Series) Circular No.04 dated May 25, 2022 for these transactions.
Inform relevant branches and trade finance teams about the new facility for silver imports via IIBX.
Verify that customers are Qualified Jewellers as notified by IFSCA before processing advance remittances.
Who it affects
AD Category-I banks, Qualified Jewellers notified by IFSCA, India International Bullion Exchange IFSC Ltd (IIBX)
❓ Common questions
What is the maximum advance payment period allowed for silver imports under this circular?
The advance payment period is eleven days, same as for gold imports under the earlier circular.
Do banks need any additional approval to process these silver import payments?
No, AD Category-I banks are permitted to allow such remittances subject to the conditions in A.P. (DIR Series) Circular No.04 dated May 25, 2022, without needing separate RBI approval.
Which entities are eligible to import silver under this facility?
Only Qualified Jewellers as notified by the International Financial Services Centres Authority (IFSCA) are eligible.
📜 Read the original circular — full text as issued by RBI
RBI/2023-2024/83
A.P. (DIR Series) Circular No. 07
November 10, 2023
To,
All Category-I Authorised Dealer Banks
Madam/Sir
Guidelines on import of silver by Qualified Jewellers as notified by –
The International Financial Services Centres Authority (IFSCA)
Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to A.P. (DIR Series) Circular No.04 dated May 25, 2022 , in terms of which AD Category-I banks have been permitted to remit advance payments on behalf of Qualified Jewellers as notified by International Financial Services Centres Authority (IFSCA) for eleven days for import of gold through India International Bullion Exchange IFSC Ltd (IIBX).
2. Further, attention of AD Category-I banks is invited to Notification No.35/2023 dated October 11, 2023 issued by DGFT, in terms of which, in addition to nominated agencies as notified by RBI (in case of banks) and DGFT (for other agencies), Qualified Jewellers as notified by International Financial Services Centres Authority (IFSCA) have been permitted to import silver under specific ITC(HS) Codes through IIBX.
3. Accordingly, it has been decided that AD Category-I banks may allow Qualified Jewellers to remit advance payment for eleven days for import of silver through IIBX subject to the conditions as mentioned in A.P. (DIR Series) Circular No.04 dated May 25, 2022 .
4. AD Category-I banks may bring the contents of this circular to the notice of their constituents and customers concerned.
5. 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,
(Puneet Pancholy)
Chief General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2023-2024/83 · issued 10 Nov 2023. The plain-English explanation above is BankPulse’s own independent summary.
Inform relevant branches and trade finance teams about the new facility for silver imports via IIBX.
📜 Compliance
Update internal policies to include silver imports under the same advance payment conditions as gold for Qualified Jewellers.
Ensure compliance with conditions in A.P. (DIR Series) Circular No.04 dated May 25, 2022 for these transactions.
Verify that customers are Qualified Jewellers as notified by IFSCA before processing advance remittances.
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 (AD Category-I banks, Qualified Jewellers notified by IFSCA, India International Bullion Exchange IFSC Ltd (IIBX)), your first concrete step on “RBI allows advance payment for silver imports via IIBX” is: “Update internal policies to include silver imports under the same advance payment conditions as gold for Qualified Jewellers.” (RBI issued this 10 Nov 2023).
Circular: RBI/2023-2024/83 -- RBI allows advance payment for silver imports via IIBX
Issued: 10 Nov 2023
Action required: Update internal policies to include silver imports under the same advance payment conditions as gold for Qualified Jewellers.
Action required: Ensure compliance with conditions in A.P. (DIR Series) Circular No.04 dated May 25, 2022 for these transactions.
Action required: Inform relevant branches and trade finance teams about the new facility for silver imports via IIBX.
Action required: Verify that customers are Qualified Jewellers as notified by IFSCA before processing advance remittances.
Owner: ____________ Target date: ____________
Board/committee approval needed? Y / N
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.
💬 Banker Discussion
Discuss this circular with fellow bankers — reply, upvote what helps, report what doesn’t belong. Be professional; no client data. Views are the commenter’s own, not BankPulse’s.
BankPulse Compliance Evidence Pack — generated 03 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly). Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12565&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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