Mumbai, November 10: Reserve Bank of India (RBI) on Friday issued a notification allowing qualified jewellers to import silver through India International Bullion Exchange IFSC Ltd (IIBX) in the same manner as gold imports. The banks dealing with imports have been directed to permit jewellers importing silver to remit advance payment for 11 days as is the case with gold.

“Qualified Jewellers as notified by International Financial Services Centres Authority (IFSCA) have been permitted to import silver under specific ITC(HS) Codes through IIBX,” the RBI order states. RBI Assistant Admit Card 2023 Likely to Be Out Soon on, Know How to Download.

“It has been decided that Authorised Dealer (AD) Category-I banks may allow Qualified Jewellers to remit advance payment for eleven days for import of silver through IIBX subject to the conditions as mentioned in A.P. (DIR Series) Circular No.04 dated May 25, 2022,” it said. RBI Issues New Directions to Banks, NBFCs on IT Governance and Cyber Security To Safeguard Interests of Customers.

AD Category-I banks have also been told to bring the contents of this circular to the notice of their customers concerned.

(The above story first appeared on LatestLY on Nov 10, 2023 04:40 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website