IFSCA on April 19, 2024 has issued clarification regarding Import of gold and silver by Indian Banks through India International Bullion Exchange IFSC Limited (IIBX). It has been decided to permit the Indian Banks, authorized by the RBI to import gold/silver, to directly access the trading system of the IIBX, without the need for a Bullion Trading Member, for undertaking such import on behalf of their clients. However, such banks (referred to as ‘SCC Banks’ hereafter in this Circular) shall utilize the services of an IFSC Banking Unit (IBU) registered as a Bullion Clearing Member for clearing of their purchase transactions.
SCC Banks shall ensure that the Bullion Depository Receipts (BDRs) they purchase on the IIBX are extinguished and that the Bill of Entry is filed by them within eleven calendar days from the date of remittance, in terms of RBI Circular dated May 25, 2022.
SCC Banks shall not be considered as Bullion Trading Members or intermediaries of the IIBX. SCC Banks shall comply with all the other applicable norms specified in IFSCA (Bullion Exchange) Regulations, 2020, Operating Guidelines specified by IFSCA on August 25, 2021 and other regulatory requirements as may be specified, and amended, by IFSCA and IIBX from time to time. They shall also comply with the Code of Conduct that may be issued by IIBX.
SCC Banks shall also ensure adherence to the terms and conditions / instructions, as applicable to them, stipulated by the RBI, Directorate General of Foreign Trade (DGFT) and any other regulatory / government body.
