RBI also said the government would issue separate instructions, if any, to the Customs authorities/Directorate General of Foreign Trade to operationalise and monitor these import restrictions.
The latest scheme follows exporters' meeting last month with Commerce Minister Anand Sharma. They had complained that banks were not importing gold for exporters and that jewellery exports were suffering due to low gold availability.
"This will help the domestic and export industry. That's because there was no gold available. The move will increase supply," said Gitanjali Gems Managing Director Mehul Choksi.
Given the low availability of gold (due to increased import duty, and banks being allowed gold imports only on a consignment basis), monthly gold jewellery exports fell a staggering 73 per cent to $556.81 million in June, from $2,062.32 million in the same month a year earlier. In rupee terms, these exports plunged 72 per cent to Rs 3,251.80 crore, from Rs 11,555.17 crore in the month the previous year, according to data compiled by the Gems & Jewellery Export Promotion Council.