(a) the present policy of the Government for the import of Gold;
(b) whether the import policy is proposed to be liberalised;
(c) if so, the details thereof and the reasons therefor;
(d) whether the Government proposes to allow a large number of
private importers and jewellers to import Gold directly;
(e) if so, the details thereof;
(f) the reasons for decentralising Gold Import regime; and
(g) names of the designated agencies that are currently allowed to
import Gold bars?
MINISTER OF THE STATE IN THE MINISTRY OF COMMERCE AND INDUSTRY
(SHRI KAMAL NATH)
(a)to(g): In terms of the Foreign Trade Policy, the import of non-
monetary Gold is free subject to RBI guidelines. The Nominated
Agencies allowed to import gold are MMTC Ltd., Handicraft and
Handloom Export Promotion Council (HHEC), State Trading Corporation
(STC), the Project and Equipment Corporation of India (PEC), Five
Star Export Houses and Fourteen banks nominated by the Reserve Bank
of India. Export Oriented Units and Units in the Special Economic
Zone who are in the Gems and Jewellery sector are permitted to import
gold directly.
A proposal is under consideration of the Ministry of Finance for
enlarging the scope of the entities allowed to import gold so as to
include companies with a net worth of Rs. 25 Crores in the jewellery
business in addition to the nominated agencies & Five Star Export
Houses.
The liberalization of the Gold Import Policy will contribute towards
making India a hub of manufacturing activity for gold products. A
Committee has been constituted by the Ministry of Commerce to examine
the regulatory structure of the gold industry and to recommend
appropriate Policy measures required to develop India as a gold
manufacturing and trading hub.