IFSCA issues SOP for Qualified Jewellers importing gold through India International Bullion Exchange

Aug 06, 2022 | by TeamLease RegTech Legal Research Team

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Industry Specific ComplianceThe International Financial Services Centres Authority (IFSCA) on August 5, 2022 has issued Standard Operating Procedure for Qualified Jewellers importing gold through India International Bullion Exchange.

The following has been stated namely: -

• Process for notification of Qualified Jeweller – An entity (the Applicant) seeking Qualified Jeweller status shall be required to submit duly filled application to IIBX in the specified form along with the supporting documents and applicable fees, if any.

• Process of import of gold by a Qualified Jeweller through IIBX:

1. Mode of participation by Qualified Jeweller on IIBX – A Qualified Jeweller participating as client may approach a Bullion Trading Member for opening a client account for the purpose of buying BDR for importing gold.

2. Advance remittance for purchase of BDR on IIBX for import of gold – IIBX shall put in place necessary systems for issuance of an IIBX authenticated document carrying details of indicative price of gold for the quantity and the quality (purity), intended to be imported by the Qualified Jeweller through IIBX.

3. Purchase of BDR for import of gold – Qualified Jewellers shall only be permitted to purchase BDR on IIBX towards import of gold and shall not in any manner be permitted to enter a sell order or cancel the purchase order.

4. Movement of Gold from IFSC for import to India – Domestic Tariff Area – Qualified Jewellers shall only be permitted to purchase BDR on IIBX towards import of gold and shall not in any manner be permitted to enter a sell order or cancel the purchase order.

 

[Notification No. 329/IFSCA/DPM/TS/QI/2022-23/2]

 


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