Google News
logo
Daily Current Affairs
Who has issued norms for facilitating physical import of gold through India International Bullion Exchange IFSC (IIBX) or similar authorised exchange by Qualified Jewellers in India?
A)
Ministry of Finance
B)
Ministry of Corporate Affairs
C)
Reserve Bank of India
D)
Securities and Exchange Board of India

Correct Answer :   Reserve Bank of India


* RBI on Wednesday(25th May 2022) came up with norms for facilitating physical import of gold through IIBX

* RBI issued guidelines in order to enable resident Qualified Jewellers to import gold through IIBX

* Gold imports dipped by about 72 per cent to USD 1.72 billion during April
 
The Reserve Bank of India (RBI) on Wednesday (May 25th, 2022) came up with norms for facilitating physical import of gold through India International Bullion Exchange IFSC (IIBX) or similar authorised exchange by Qualified Jewellers in India.
 
In addition to agencies nominated by the RBI and by DGFT, Qualified Jewellers (QJ) as approved by International Financial Services Centers Authority (IFSCA) were permitted to import gold in January.
 
The RBI issued the guidelines in order to enable resident Qualified Jewellers to import gold through IIBX or any other exchange approved by IFSCA and the Directorate General of Foreign Trade (DGFT).
 
As per the guidelines, banks may allow Qualified Jewellers to remit advance payments for 11 days for import of gold through IIBX in compliance to the extant Foreign Trade Policy and regulations issued under IFSC Act..

Source : India Tv News

Published On : May 27, 2022
Advertisement