RBI Instructs Banks Not To Imported Gold To Jewellers On Outright Basis
The Reserve Bank of India has asked the banks not to sell gold imported on consignment basis to jewellers on outright basis.
On 18th February the central bank allowed banks to import gold on consignment basis and also allowed them to provide gold metal loans to jewellers. However, banks were found importing gold on consignment basis and selling that to jewellers against full payment.
Now RBI has said that gold imported on consignment basis, where payment is to be made after realisation of money after sale, can be used only for providing gold metal loans to jewellers. The loan is for a tenure of 180 days.
The Reserve Bank of India has asked the banks not to sell gold imported on consignment basis to jewellers on outright basis.
On 18th February the central bank allowed banks to import gold on consignment basis and also allowed them to provide gold metal loans to jewellers. However, banks were found importing gold on consignment basis and selling that to jewellers against full payment.
Now RBI has said that gold imported on consignment basis, where payment is to be made after realisation of money after sale, can be used only for providing gold metal loans to jewellers. The loan is for a tenure of 180 days.
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