RBI allows banks to import gold coins and medallions

Trade in the yellow metal in India is gaining some respite in regulations. The Reserve Bank of India announced abolishing the ban on banks to import gold coins and medallions, which was imposed in 2013, reports say. The nominated banks are permitted to import gold on a consignment basis and also lend against gold. But the sale of gold in India, would be against upfront payments, according to the RBI, reports say. Also, certain trading houses have been allowed to import gold on documents against payment as per entitlement without any end use restrictions, reports suggest.

The lifting of the ban to import gold coins is however subject to further review. But the RBI has not lifted or eased any restrictions on banks selling gold coins and medallions, reports say.