The director general of foreign trade (DGFT) has issued a notification allowing import of gold and silver under open general licence (OGL) for sale in domestic market by 12 designated agencies.
Three gold items including powder gold, other wrought forms and other semi-manufactured forms under International Tariff Classification (harmonious system) of export and import 1997-2002 would be allowed under OGL, the notication issued on Monday said. The silver items placed under OGL for imports by the designated agencies are powder, unwrought, sheets, plates, strips, tubes and pipes of silver besides all other semi-manufactured form of silver.
RBI, MMTC Ltd, State Trading Corporation , Handloom and Handicrafts Export Corporation besides eight commercial banks are allowed to import gold and silver without a licence or without surrender of special import licence.
The banks that can import are State Bank of India, Bank of India, Canara Bank, Indian Overseas Bank, Allahabad Bank, Bank of Nova Scotia, Standard Chartered and ABN-Amro bank.
The customs notification issued on October 21 had specified that the duty can be paid in rupee at the rate of Rs 220 per 10 gm for gold and Rs 500 per kg for silver.
