The RBI came up with norms for facilitating physical import of gold through India International Bullion Exchange IFSC (IIBX) or similar authorised exchange by Qualified Jewellers in India.

• The Reserve Bank of India (RBI) has announced new guidelines to permit qualified jewellers to import gold through the India International Bullion Exchange IFSC Ltd. (IIBX) or any other exchange. IFSCA and the DGFT, the Government of India, must sanction the other exchanges.
• All payments by authorised jewellers for gold imports through IIBX must be done using an exchange mechanism recognised by IFSCA in accordance with the IFSC Act and regulations, according to the RBI.