IFSCA circular IFSCA-PMTS/10/2023-Precious Metals · 10 Oct 2025
Official title
Circular for Import of gold or silver by Qualified Jewellers and TRQ holders through IIBX - consolidation and amendment
Summary
Check the official recordThis circular consolidates and amends the regulatory framework for Qualified Jewellers and India-UAE CEPA Tariff Rate Quota (TRQ) holders importing gold and silver through the India International Bullion Exchange (IIBX). It revises the eligibility criteria for Qualified Jewellers, requiring a minimum net worth of INR 15 crore and specific turnover thresholds in precious metal businesses. The circular mandates that Qualified Jewellers and TRQ holders must comply with 'fit and proper' person criteria, maintain specific accounts, and adhere to strict anti-money laundering and surveillance guidelines. It also establishes procedures for advance remittances, the purchase of Bullion Depository Receipts (BDRs), and the reconciliation of unutilized funds within an eleven-day window. Previous circulars on these subjects are superseded or partially omitted.
What you must do
Key dates
Who is affected
Thresholds
If you do not comply
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IFSCA-PMTS/10/2023-Precious Metals October 10, 2025
To
Bullion Exchange in the International Financial Services Centre (IFSC) Bullion Clearing Corporation in the IFSC Bullion Depository in the IFSC Bullion intermediaries in the IFSC Vault Managers in the IFSC All market participants on the Bullion Exchange in the IFSC
Dear Sir/Madam
Import of gold or silver by Qualified Jewellers and valid India-UAE CEPA Tariff Rate Quota (TRQ) Holders through India International Bullion Exchange (IIBX)
Reference may be drawn to the following Notifications issued by Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industry, Government of India:
(i) Notification No. 49/2015-2020 dated January 05, 2022, which, inter-alia, permit Qualified Jeweller(s), notified by the International Financial Services Centres Authority (IFSCA), to import gold under ITC(HS) Codes 71081200 and 71189000, through India International Bullion Exchange IFSC Ltd. (IIBX);
(ii) Notification No. 35/2023 dated October 11, 2023, which, inter-alia, permit Qualified Jeweller(s), notified by IFSCA, to import silver under ITC(HS) Codes 71069110 and 71069290 through IIBX;
(iii) Notification No.44/2023 dated November 20, 2023, amending the import policy condition for ITC(HS) Code 71081200 of Chapter 71 of ITC(HS) 2022, Schedule -I (Import Policy) for the purpose of permitting a valid India-UAE TRQ holders, notified by IFSCA, to import gold through IIBX;
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(iv) Notification No. 08/2025-26 dated May 19, 2025, inter-alia, deleting certain ITC (HS) Codes under Chapter 71, ITC (HS) 2022, Schedule – I (Import Policy) and introducing new ITC (HS) Codes as created under the Finance Act, 2025 dated 29th March, 2025.
B. Pursuant to the issuance of aforementioned Notifications, the IFSCA, for the purpose of giving effect to the changes introduced thereby, has from time to time issued following Circulars:
(i) Circular no. 329/IFSCA/Bullion MIIs/2023-24/02 dated December 11, 2023; (ii) Circular no. 415/IFSCA/Operating Guidelines/2023-24 dated December 13, 2023; (iii) Circular no. 329/IFSCA/Bullion MIIs/2024-25/03 dated May 03, 2024; and (iv) Circular no. IFSCA.DMC/3/2023-Dept. of Metals and Commodities dated June 02, 2025.
C. IFSCA has received representations from various stakeholders to review, inter alia, the eligibility criteria for notification of an entity as a Qualified Jeweller. Based on the deliberations held, it has been decided to revise their eligibility criteria which shall broad base the set of entities that shall be eligible to access the bullion exchange in the IFSC for undertaking imports of gold and silver.
D. Further, in order to make it convenient for the stakeholders to have access to various requirements including instructions or directions at one place, the IFSCA hereby issues an updated Circular, placed hereunder as Annex 1, in respect of Import of gold or silver by Qualified Jewellers and valid India-UAE CEPA Tariff Rate Quota (TRQ) Holders through IIBX.
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E. On and from the date of issuance of this Circular, the following Circulars issued by the IFSCA, shall stand superseded:
(i) Circular no. 329/IFSCA/Bullion MIIs/2023-24/02 dated December 11, 2023, (ii) Circular no. 415/IFSCA/Operating Guidelines/2023-24 dated December 13, 2023; and (iii) Circular no. 329/IFSCA/Bullion MIIs/2024-25/03 dated May 03, 2024.
F. In respect of Circular no. IFSCA.DMC/3/2023-Dept. of Metals and Commodities dated June 02, 2025, Part A and Part B stand omitted with immediate effect, and the remaining provisions of the said Circular shall continue to remain in force.
G. Notwithstanding such supersession or omission,
(i) anything done or any action taken or purported to have been done or taken under the provisions of the Circulars mentioned under Clause (E) and (F), prior to such supersession or omission, shall be deemed to have been done or taken under the corresponding provisions of this Circular;
(ii) any application made to the Authority under the provisions of the Circulars mentioned under Clause (E) and (F), prior to such supersession or omission, and pending before it shall be deemed to have been made under the corresponding provisions of this Circular;
(iii) Any reference in other Circulars/ Guidelines/Notifications containing reference to the Circulars mentioned under Clause (E) and (F), shall mean the reference to this Circular.
H. This Circular is issued in exercise of the powers conferred under Section 12 and 13 of the International Financial Services Centres Authority Act, 2019 read with Regulation 78 of the International Financial Services Centres Authority (Bullion Market) Regulations, 2025.
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A copy of this Circular is available on the website of International Financial Services Centres Authority at www.ifsca.gov.in at “Legal →Circulars”.
Yours faithfully
(Ramaneesh Goyal) Deputy General Manager Market Regulation Division Department of Metals and Commodities email: ramaneesh.goyal@ifsca.gov.in Tel: +91 79 6180 9886
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CIRCULAR
Annex 1
Circular on Import of gold or silver by Qualified Jewellers and valid India-UAE CEPA Tariff Rate Quota (TRQ) Holders
CHAPTER – I Eligibility and other requirements
DGFT, vide its Notification No. 49/2015-2020 dated January 05, 2022, and Notification No. 35/2023 dated October 11, 2023 read with its Notification No. 08/2025-26 dated May 19, 2025 has, inter-alia, specified that Qualified Jeweller(s) as notified by IFSCA will be permitted to import gold under the ITC(HS) Codes 71081210, 71081290 and 71189000, and silver under the ITC(HS) Codes 71069120 and 71069290, respectively, through the IIBX.
In terms of the extant Import and Export Policy issued by the DGFT, import of silver bars under ITC(HS) Code 71069221 and 71069229 is free, subject to the RBI Regulations. The entities, including Qualified Jeweller(s), having valid Importer Exporter Code (IEC) Certificate issued by DGFT, shall be eligible to import silver bars under the ITC(HS) Code 71069221 through IIBX.
In this context, any entity fulfilling the conditions specified herein shall be eligible to apply for being notified as ‘Qualified Jeweller(s)’. Such entity shall apply through IIBX for getting notified as a Qualified Jeweller, and only after its notification as such by the IFSCA, shall be permitted to transact on IIBX as clients of Bullion Trading Members or as ‘Special Category’ clients, for the purpose of importing gold or silver under abovementioned ITC(HS) codes:
a) The entity shall be engaged in the business of goods falling under ITS(HS) codes
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7106, 7108, 7113, 7114 and 7118 under Chapter 71 of ITC(HS);
b) The entity must have filed due GST returns up to the preceding month/quarter, as applicable, prior to making an application to the IIBX;
c) A certificate should be submitted by the entity, duly attested by a practicing chartered accountant or a practicing cost accountant or a practicing company secretary, stating that:
i. 60% of annual turnover in each of the last 3 financial years including the current financial year until the date of making the application, or
ii. 90% of annual turnover in the previous entire financial year including the current financial year until the date of making the application.
are through dealing in goods falling under ITS(HS) codes 7106, 7108, 7113, 7114 and 7118 under Chapter 71 of ITC(HS); and
d) The entity shall have a minimum net worth of INR 15 crore as per its latest audited financial statement.
