RBI has lifted the ban on imports of gold coins and medallions by banks and trading houses. In a notification issued in Mumbai yesterday, RBI said that banks have also been permitted to import gold on consignment basis. The apex bank, however, added that domestic sales will be permitted against upfront payment only. RBI has said that banks are free to grant gold metal loans, adding that Star and Premier Trading Houses can import the metal as per entitlement without any end use restrictions.Gold imports surged by 8.13 per cent year-on-year to 1.55 billion US Dollars in January on easing of restrictions by the RBI. India is the largest importer of gold, which is mainly utilized to meet the demand of jewelry industry. Aiming to tame the then widening current account deficit, RBI had prohibited imports of gold coins and medallions in August 2013, besides restricting inbound shipments of the metal. RBI had withdrew certain restrictions on import of the metal on November 28 last year. The apex bank said that it has been receiving requests for clarification on some of the operational aspects of the guidelines on import of gold consequent upon the withdrawal of 20:80 scheme and so has issued these clarifications.