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RBI CIRCULAR
RBI
CIRCULAR
International Trade Settlement in Indian 1. Attention of Authorised Dealer Category I (AD Cat-
egory I) banks is invited to A.P. (DIR Series) Circular
Rupees (INR) Opening of additional
No.04 dated May 25, 2022, in terms of which AD Cat-
Current Account for exports proceeds egory-I banks have been permitted to remit advance
payments on behalf of Qualified Jewellers as notified
November 17, 2023
by International Financial Services Centres Authority
1. Attention of Authorised Dealer Category I (AD Cat- (IFSCA) for eleven days for import of gold through In-
dia International Bullion Exchange IFSC Ltd (IIBX).
egory I) banks is invited to A.P. (DIR Series) Circular
No.10 dated July 11, 2022, in terms of which an addi- 2. Further, attention of AD Category-I banks is invited to
tional arrangement has been put in place for invoic- Notification No.35/2023 dated October 11, 2023 issued
ing, payment, and settlement of exports/imports in INR by DGFT, in terms of which, in addition to nominated
through Special Rupee Vostro Accounts of the corre- agencies as notified by RBI (in case of banks) and DGFT
spondent bank/s of the partner trading country main- (for other agencies), Qualified Jewellers as notified by
tained with AD Category-I banks in India. International Financial Services Centres Authority
2. Further, attention of AD Category-I banks is invited to (IFSCA) have been permitted to import silver under
Para 4.1 of circular DOR.CRE.REC.23/21.08.008/2022- specific ITC(HS) Codes through IIBX.
23 dated April 19, 2022 on Opening of Current Accounts 3. Accordingly, it has been decided that AD Category-I
and CC/OD Accounts by Banks. In terms of this provi-
banks may allow Qualified Jewellers to remit advance
sion and in order to provide greater operational flex-
ibility to the exporters, AD Category-I banks maintain- payment for eleven days for import of silver through
ing Special Rupee Vostro Account as per the provisions IIBX subject to the conditions as mentioned in A.P. (DIR
of the Reserve Bank circular dated July 11, 2022 re- Series) Circular No.04 dated May 25, 2022.
ferred above are permitted to open an additional spe- 4. AD Category-I banks may bring the contents of this cir-
cial current account for its exporter constituent exclu- cular to the notice of their constituents and customers
sively for settlement of their export transactions. concerned.
5. The directions contained in this circular have been is-
Guidelines on import of silver by Quali- sued under Section 10(4) and Section 11(1) of the For-
fied Jewellers as notified by The Inter- eign Exchange Management Act (FEMA), 1999 (42 of
1999) and are without prejudice to permissions/approv-
national Financial Services Centres Au-
als, if any, required under any other law.
thority (IFSCA)
November 10, 2023 Fully Accessible Route for Investment by
BANKING FINANCE | DECEMBER | 2023 | 53
