(i) Import of Gold on loan basis: Gold can be imported by availing Gold loan by the nominated agencies/banks directly from the overseas suppliers for a period of not more than 180 days from the date of shipment, where the loan is denominated on the basis of the quantity of gold.

(ii) Import on Gold on Supplier’s Credit/ Buyer’s Credit Basis: Gold can be imported by the nominated agencies/banks by availing Supplier’s credit up to a period of 180 days subject to certain provisions of Exchange Control Manual 1993.

(iii) Import of Gold on Consignment basis: Gold may be imported by the nominated banks/agencies on consignment basis wherein the ownership of the goods will rest with the supplier and the importer [consignee] will be acting as an agent of the supplier [consignor]. Remittances towards the cost of import shall be made as and when sales take place as per the provisions of agreement entered into between the overseas supplier [consignor] and nominated agency/bank (consignee).

(iv) Import of gold on unfixed price basis Gold may be imported by the nominated agencies/banks on outright purchase basis subject to the condition that although ownership of the gold shall be passed on to the importer at the time of import itself, the price of gold shall be fixed later/ as and when the importer sells the gold to the users.

Gold is also imported directly by export oriented units (EOUs) / units in Special Economic Zones (SEZs) in the gems and jewellery sector and nominated agencies / banks using letters of credit (LCs).

The bulk of the gold imported by nominated banks is on consignment basis whereby the nominated banks do not have to fund these stocks. Under the consignment arrangement the interest free period for consignment varies from supplier to supplier. Some of the overseas suppliers supply gold on consignment basis up to 30 days interest free period, whereas some charge interest from the day the consignment is received by these banks.

The Working Group on Gold (Chairman: Shri K.U.B. Rao) had recommended aligning gold import regulations with the rest of imports with a view to reducing gold imports by creating a level playing field between gold imports and other imports. To moderate (with a view to reduce) the demand for gold for domestic use, it has been decided to with immediate effect to “Restrict the import of gold on consignment basis by banks, only to meet the genuine needs of exporters of gold jewellery. “

The three sources of demand for gold are consumption, investment and speculative,” RBI governor D Subbarao had said in his annual monetary policy statement on May 3. “If prices come down, consumption demand might go up but investment and speculative demand might moderate. RBI is concerned because of the current account deficit management, financial stability management and larger consumer protection. One measure in this policy is prohibiting banks from importing gold on consignment basis unless it is meant for export.”

Source : RBI Notifications and Economic Times

To know about the Base Rate system Click on What is a Base Rate?
To know updated Base Rate/BPLRs Click on Comparison of Base rates/BPLRs of Banks in India

To know about the Base Rate system Click on What is a Base Rate?
To know updated Base Rate/BPLRs Click on Comparison of Base rates/BPLRs of Banks in India

To know about the Base Rate system Click on What is a Base Rate?
To know updated Base Rate/BPLRs Click on Comparison of Base rates/BPLRs of Banks in India

Years have gone by but TheBankingBible stays intact and up, all because of your support. We have been continuously trying to provide the best information and most relevant information which we claim is really hard to find anywhere on the internet or even in Indian banks. Our target is to find the need of market and give out the information which you require and is not readily available elsewhere.

We have been pretty successful in updating Gold coin rates for various banks and provide best information. Over these years Gold coin rates and SBI forms are our one of the most read posts and we have received so wonderful emails, comments , private messages and what not on our site and even Facebook Fanpage.

Considering stats , we have crossed over 1.5 million views in all time which are increasing day by day. And much credit goes to you.

If you’re new here and reading all this for first time , I would recommend you to subscribe to our newsletter.

It’s time we move further and look for more horizons of growth. Meanwhile, We are looking for investors/partners, who would like to possibly invest in our project and take this further ! At the same time, we are looking for advertisers who would want to get direct niche targeted customers to them ! We have variety of ad spaces like 728*90 , 300*250 , and lots more.

We have few projects in pipeline which we’re integrating with main website. I’m writing down few of them here :

1. TheBankingBible Discussion Forum – Solution to your problems

2. TheBankingBible Job Portal – One stop for banking job, tutorials, information and more.

3. TheBankingBible tools – online calculators , classified charts and more.

For those who are interested to be a part of us and would like to work in one way or the other please use the contact form to reach out stating subject “TBB Investment Plan” or mail us at admin@thebankingbible.com.

Lastly I once again thank my loyal readers for all support and love shown over these years and we promise to improve ourselves , as we continue to add new and valuable resources.

Signing off,

Admin

While SBI has already started sending CTS 2010 compliant cheque books to their customers at their last recorded address and also issued advertisement in leading newspapers and notification on its website and branches in order to create customer awareness, other banks such as HDFC Bank Ltd, IDBI and ICICI Bank Ltd have put a notification about CTS-2010 cheques on their websites and branches and also issuing these new series of cheque books.

However, taking note of the representations received from various stakeholders requesting for extension of the time beyond December 31, 2012 RBI has allowed extension of time up to March 31, 2013 for banks to ensure withdrawal of non-CTS 2010 Standard cheques and replace them with CTS-2010 Standard cheques. The residual non-CTS-2010 Standard cheques that get presented in the clearing system beyond this extended period will continue to be accepted for the clearing but will be cleared at less frequent intervals.

It has been decieded by RBI on 18-03-2013 that:

• All residual non-CTS-2010 cheques with customers will continue to be valid and accepted in all clearing houses [including the Cheque Truncation System (CTS) centers] for another four months up to July 31, 2013, subject to a review in June 2013.
• Cheque issuing banks shall make all efforts to withdraw the non-CTS-2010 Standard cheques in circulation before the extended timeline of July 31, 2013 by creating awareness among customers through SMS alerts, letters, display boards in branches/ATMs, log-on message in internet banking, notification on the web-site etc.

The modalities, charges applicable if any, etc. will be finalized after discussing with stakeholders and a separate communication will follow in this regard.

These instructions have been issued under section 18 of the Payment and Settlement Systems Act 2007 (Act 51 of 2007).

To know Historical Base Rates/ SBAR of SBI Click here 

To knwo Comparison of updated Base Rates/ BPLRs of all Banks  Click here

With the availability of bank-wide portal, customers will need not to visit the branches of various banks or surfing their Web sites, thus will save much time and energy. At the click of a mouse, one can compare interest rates on deposits and loans across banks.

Keeping the above idea in mind we had started our portal www.thebankingbible.com two years back. We had been supplying / providing the following information which is being updated on an ongoing basis.

• Comparison of Today’s Gold Coin rates of Banks
• Comparison of Best Fixed Deposit Interest Rates of Banks
• Comparison of Base Rates/ BPLRs of Banks
• Comparison of NRE Fixed Deposit Interest Rates of Banks
• Comparison of Education Loan Interest Rates of banks
• Comparison of Home Loan Interest rates of Banks
• Planning to Buy Gold Coins from Banks? Just Compare Before You Buy

Further we are compiling various types of banking forms in a downloadable format at one place and till date added the following forms:

• Allahabad Bank Forms
• Andhra Bank Forms
• Bank of Baroda Forms
• Bank of India Forms
• Bank of Maharashtra Forms
• Canara Bank Forms
• Central Bank of India Forms
• IT Forms
• SBI Forms
• SBI Credit Card Forms

The site is gaining popularity day-by-day. We have been receiving lots of queries which are being addressed. We are planning to launch more such comparisons/ services shortly. Soon you will find that “The banking Bible” will be the best Bank-wide portal to shop for Best services.