MUMBAI: Reserve Bank of India (RBI) on Friday issued a notification allowing qualified jewellers to import silver through India International Bullion Exchange IFSC Ltd (IIBX) in the same manner as gold imports.
The banks dealing with imports have been directed to permit jewellers importing silver to remit advance payment for 11 days as is the case with gold.
“Qualified Jewellers as notified by International Financial Services Centres Authority (IFSCA) have been permitted to import silver under specific ITC(HS) Codes through IIBX,” the RBI order states.
“It has been decided that Authorised Dealer (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,” it said.
AD Category-I banks have also been told to bring the contents of this circular to the notice of their customers concerned.