NEW DELHI (TIP): Seeking to restrict gold imports, the Reserve Bank of India said nominated banks and agencies would not be allowed to import the precious metal in excess of their entitlements in the first or second lot under the 80:20 scheme.

“Import of gold in the third lot onwards will be lesser of the two — five times the export for which proof has been submitted or quantity of gold permitted to a nominated agency in the first or second lot,” the RBI said in a notification. The government under the 80:20 scheme had in August 14, 2013, allowed nominated agencies to import gold on the condition that 20 per cent of the inward shipment will be exported.

The permission to import the next lot would be given on fulfilment of export obligation. In view of the representation being received by the RBI and the Finance Ministry, the central bank has said that the quantum of the third lot import would be five times the export from the previous lot subject to the condition that it would not exceed previous entitlements.