Realigning norms on gold imports, the RBI on Monday mandated that banks and bullion trading houses must retain 20% of every lot of imports of the metal at customs warehouses. The RBI added that fresh gold can be imported only when 75% of the stock lying in these warehouses is used for export purposes.

“Such imports shall be linked to financing of exporters by the nominated agencies. Further, they shall make available gold in any form for domestic use only to entities engaged in jewellery business/bullion dealers supplying gold to jewellers,” the central bank said in a notification.

Separately, the RBI has asked exporters to repatriate their proceeds within nine months from the date of export until September as against the earlier 12 months.

In a clarification to an earlier notification, the central bank said that the enhanced period of 12 months for repatriation of export proceeds was valid only until March.

The central bank said that all other extant restrictions on consignment-based gold imports and restrictions on letter of credit stand withdrawn.

Earlier, the RBI had restricted gold imports, saying that banks can import gold on consignment basis only to meet the needs of jewellers and exporters and had hiked the margin requirement for letter of credits to 100%.

“Entities/units in the SEZ and EoUs, Premier and Star trading houses are permitted to import gold exclusively for the purpose of exports only,” the RBI said.

Further, banks and trading houses must monitor the transactions under the new norms through their international divisions, the RBI said.

A surge in gold imports had resulted in the current account deficit surging to an unsustainable 6.7% during January-March.

In November 2012, the RBI had increased the period available for exporters to repatriate their export proceeds to 12 months from six months. This enhanced period was available only until end of March.

“The time period for realisation and repatriation of export proceeds from April 01, 2013, onwards till September 30, 2013, shall be reckoned as nine months from the date of export,” the RBI said. The reduction in the period of export proceeds repatriation would prevent exporters from holding on to dollars for lower rupee levels.

The Indian rupee hit an all-time low of 61.21/$ on July 8, triggered by dollar outflows from foreign investors and lack of dollar supply from exporters.

India’s exports were $25.1 billion in June, down 5.45% from a year ago.