Gold Loan restricted

The gold loan by importing banks/agency has been restricted to the following:-

• Suppliers credit up to a period of 180 days may be availed of by the nominated agencies/ banks. However, buyers credit will require prior approval of Reserve Bank irrespective of the period of credit.
• Gold may be imported by the nominated banks/ agencies on consignment basis
• Import of gold on unfixed price basis.
• To moderate the demand for gold for domestic use, RBI has decided to restrict import of gold on consignment basis by banks,only to meet the genuine needs of gold jewellery exporters.