ANNOUNCEMENT 06 Sep 2013In September 2013, the government of India announced a rule change for import registration.
NUMBER OF INTERVENTIONS
Notification No. 40 (RE-2013) / 2009-2014
On 6 September 2013, the Government of India, vide Notification No. 40 (RE-2013) / 2009-2014, declared that the import of gold into the country under Advance Authorization or Duty Free Import Authorization schemes can follow a matching export of gold from the country, or vice versa.
RBI Regulations require that each import of gold into India under the above-mentioned schemes be matched by a corresponding export, to prevent diversion of gold for domestic use. By the Notification dated 6 September 2013, the Ministry of Commerce has discarded some interpretations of the Regulations that suggest that imports must be followed by exports in a sequence.