RBI fixes minimum quantity of gold that can be repaid under Gold (Metal) Loans to 1 k.g.

RBI has clarified that as per present guidelines, nominated banks authorized to import gold by RBI and designated banks participating in Gold Monetization Scheme (GMS), 2015 can extend Gold (Metal) Loans to exporters of jewellery and domestic jewellery manufacturers. As regards repayment, now it has decided that the minimum quantity of gold that can be repaid under GML shall be one kilogram.RBI has clarified that as per present guidelines, nominated banks authorized to import gold by RBI and designated banks participating in Gold Monetization Scheme (GMS), 2015 can extend Gold (Metal) Loans to exporters of jewellery and domestic jewellery manufacturers. As regards repayment, now it has decided that the minimum quantity of gold that can be repaid under GML shall be one kilogram.taxmann.com Latest Statutory HappeningsRead More

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