DGFT restricts the import of gold in any form, other than monetary gold and silver in any form

Dec 23, 2019 | by Avantis RegTech Legal Research Team


Finance & Taxation Compliance

The Directorate General of Foreign Trade (DGFT on December 18, 2019, amends the import policy with conditions of gold in any form, other than monetary gold and silver in any form under Chapter 71 of ITC (HS), 2017, Schedule-I (Import Policy) form ‘Free’ to ‘Restricted’.

Import of gold under Advance Authorisation and supply of gold directly by foreign buyers to exporters under para 4.45 of Foreign Trade Policy (FTP) against export orders are exempted from the amended provisions.

Effect of the Notifications: Import policy of gold in any form, other than mandatory gold and silver in any form, is amended from ‘Free’ to ‘Restricted’; import is allowed only through nominated agencies as notified by RBI (in case of banks) and DGFT (for other agencies). However, Import under Advance Authorisation and supply of gold directly by the foreign buyers to exporters under para 4.45 of FTP against export orders are exempted.

[Notification No. 36/2015-2020]


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