A good news has come for jewellers. Like gold, now jewelers will also be able to import silver through bullion exchange. The Reserve Bank of India (RBI) issued a notification on Friday allowing eligible jewelers to import silver through India International Bullion Exchange IFSC Limited (IIBX) just like importing gold.
Permission to send advance payment to jewelers
According to the news, banks involved in import settlement have been instructed to allow jewelers importing silver to send advance payment for 11 days, as has already been implemented in the case of gold. According to the language news, the RBI order states that jewelers notified by the International Financial Services Center Authority (IFSCA) will be allowed to import silver under specific ITC (HS) codes through IIBX. Has been given.
It has been decided that authorized banks can allow eligible jewelers to send advance payment for import of silver through IIBX for 11 days. This will be subject to the terms of the circular dated May 25, 2022. Earlier, there was a huge ban on import of silver. Only nominated agencies were allowed to handle these. It was nominated by RBI for banks and DGFT for other agencies. Refineries can also import silver cord under certain conditions.
It is being told that this decision is expected to have a positive impact on India’s silver trade. This will provide additional avenues for eligible jewelers to import their silver and align with the government’s goals of streamlining the trade through IFSCA.
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