Qualified Jewellers, Notified By IFSCA Permitted To Import Specified Forms Of Gold Through IIBX

Qualified jewellers notified by International Financial Services Centres Authority will be permitted to import specified forms of gold through India International Bullion Exchange (IIBX), the government said on Wednesday.

Earlier, such imports were allowed to nominated agencies as notified by the RBI (in case of banks) and directorate general of foreign trade (DGFT). However, import of gold and silver under the Advance Authorisation scheme and supply of these commodities directly by foreign buyers to exporters under a provision of the foreign trade policy against export orders would continue to be governed by the relevant provisions of the policy.

"In addition to nominated agencies as notified by the RBI (in case of banks) and nominated agencies notified by DGFT, qualified jewellers as notified by IFSCA will be permitted to import gold under specific ITC (HS) codes through India International Bullion Exchange," DGFT said in a notification. In trade parlance, every product is categorised under Indian Trade Classification (Harmonised System).

It helps in the systematic classification of goods across the globe. The International Financial Services Centres Authority -- established on April 27, 2020 -- is headquartered at GIFT City, Gandhinagar, in Gujarat. It is a unified authority for the development and regulation of financial products, services and institutions in the IFSC in India.

In a separate public notice, the directorate said that it has added more members in the standing grievance committee to address issues of trade and industry at one platform. There is a committee for the speedy redressal of genuine grievances of trade and industry on export and foreign trade. It is chaired by the DGFT and includes heads of regional authorities, the federation of Indian export organisations, export promotion councils, commodity boards, and government departments.

Now, it would also have members from custom authorities, banks (public and private sectors), ECGC, industries commissioner (state/UT), export commissioner (state/UT) and general manager district industries centre.