Exports of gold jewellery, coins and medallions rose by 22% to Rs 33,594 crore in the first half of this fiscal mainly due to RBI's 80:20 scheme from Rs 27,551 crore in the year-ago period. Under this scheme, the RBI, in August last year, had allowed nominated agencies to import gold on the condition that 20% of the import would be exported. To boost value-added gold exports, RBI in May this year simplified gold import norms by allowing select trading houses, in addition to already permitted banks, to procure the precious metal.
Of total gold exports, jewellery was worth Rs 27,530 crore and coins/medallions were worth Rs 6,064 crore in the review period. However, the shipment of gold jewellery from Special Economic Zones (SEZs) as well as Export Processing Zones (EPZs) fell in the first half of the current financial year. Gold jewellery worth Rs 11,299.67 crore was exported from SEZs and EPZs during April-September of this year, as against Rs 14,578.72 crore in the same period corresponding year. In 2013-14 fiscal, the country had exported gold jewellery and coins worth Rs 70,000 crore.