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Informist, Tuesday, May 20, 2025

 

MUMBAI – The government on Monday imposed new restrictions on the import of gold, silver, and platinum in unwrought, semi-manufactured, and powdered forms, allowing such imports only through designated agencies, according to a notification from the Directorate General of Foreign Trade.

 

Imports of high-purity silver, which is 99.9% or above, and gold, which is 99.5% or above, are now restricted and permitted solely through nominated agencies specified by the Reserve Bank of India and the Directorate General of Foreign Trade, as well as qualified jewellers through the India International Bullion Exchange.

 

The tariff rate quota holders under the India-UAE Comprehensive Economic Partnership Agreement may import through the India International Bullion Exchange under specific conditions, provided the bullion is stored in vaults registered with the International Financial Services Centres Authority in special economic zones, the notification said.

 

Gold dore can be imported by refineries against an import licence with actual user condition, the notification said.

 

In the Budget for 2025-26 (Apr-Mar), the government announced the introduction of new harmonised system or tariff codes for key items such as gold dore, silver dore, and platinum containing at least 99% purity. However, according to a government notification, some importers were misclassifying these items as platinum alloy to exploit lower import duties under the India-UAE trade agreement.

 

To prevent such misuse, the government has implemented new harmonised system codes for platinum with 99% or higher purity, which alone will qualify for duty concessions. Imports of other platinum compositions have been restricted, effectively closing the route that allowed gold to be imported disguised as platinum.  End

 

Reported by Taniva Singha Roy

Edited by Subhojit Sarkar

 

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