CIR. NO. 25/2003-04-RB, DT. 01/10/2003
- Document type
- Circular
- Dated
- Category
- A.P. (DIR Series) Circulars
Import of gold against letter of authority issued by Nominated Agency
Import of gold against letter of authority issued by Nominated Agency
2. It has, however, been reported that entities other than the Nominated agencies referred to above are establishing import Letters of Credit for import of gold against a letter of authority issued by these Nominated agencies. Authorised Dealers are advised that Letters of Credit for import of gold under the Nominated Agency Scheme must be established only on behalf of the Nominated Agency themselves and under no circumstances should the Letter of Credit be issued on behalf of any other entity even if a letter of authority issued by the Nominated Agency is furnished by these entities.
3. Authorised dealers may bring the contents of this circular to the notice of their constituents concerned.
4. The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999).
(Please refer Cir. No. 31/2003-04-RB, Dt. 24/10/2003 for Import of Silver/ Platinum against Letter of Authority issued by Nominated Agency)
Yours faithfully,
Grace Koshie
Chief General Manager