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RBI bans advance remittances for bullion imports in new forex rules

The Reserve Bank of India has stopped advance payments for gold and silver imports. This move aims to prevent money laundering. Banks will now play a key role in monitoring all import payments. New rules also simplify trade for businesses. These changes take effect from October 1. Stricter rules will apply for future advance payments if contracts are not met.

17 Jan 2026 10:26 am