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Import Policy of Gold and Silver

Import Policy of Gold and Silver

Import Policy of Gold and Silver

The Ministry of Commerce and Industry, with its power conferred under the Section 3 of Foreign Trade (Development & Regulation) Act, 1992, has modified the Chapter 71 of ITC (HS), 2017 for the import of Gold and silver. The Amendment which came into effect from 18th December 2019 modified the items listed gold and silver items, other than the monetary Gold and silver, from ‘Free’ to ‘Restricted’.

Conditions in Chapter 71

A mixture containing precious metal and the intermetallic compound constitutes an alloy of precious metal with one precious metal elements holding the weight up to 2% of the alloy. The classification of precious metal alloys are done with the following rules:

  • An alloy comprising 2% or more, by weight, of platinum, is to be considered as an alloy of platinum.
  • An alloy with 2% or more weight of Gold without platinum or less than 2% weight of platinum is taken as an alloy of Gold.
  • An alloy of more than 2% weight of silver is considered as a silver alloy.

Revised Rule

The list of items and its related Amendment under Chapter 71 of ITC is as follows:

  • The Code Specifying the Item – 7106 1000 specifies the silver, plated with gold or platinum in the form of Powder.
  • Existing Import policy states a free import subjected to RBI Policy Conditions.
  • New Amendment rejects the import; however, it is authorised through recognised agencies of RBI and The Directorate General of Foreign Trade (DGFT).
  • The Code Specifying the Item – 7106 9100 specifies the silver, plated with Gold or platinum in the form of unwrought substance.
    • Existing Import policy states a free import subjected to RBI Policy Conditions.
      • New Amendment inhibits by:
        • The import of Gold is authorised through recognised agencies of RBI and DGFT.
        • Refineries can import the silver ore by obtaining a license with AU regulations.
  • The Code Specifying the Item – 7106 9210 specifies the silver, plated with Gold or platinum in the form of the semi-manufactured sheet, plates, tubes, strips and pipes.
    • Existing Import policy states a free import subjected to RBI Policy Conditions.
    • New Amendment rejects the import; however, it is authorised through recognised agencies of RBI and The Directorate General of Foreign Trade (DGFT).
  • The Code Specifying the Item – 7106 9290 specifies the silver, plated with Gold or platinum in the form of other products that are specified as earlier.
    • Existing Import policy states a free import subjected to RBI Policy Conditions.
    • New Amendment rejects the import; however, it is authorised through recognised agencies of RBI and The Directorate General of Foreign Trade (DGFT).
  • The Code Specifying the Item – 7108 1100 specifies the gold, plated with platinum in the form of Powder.
    • Existing Import policy states a free import subjected to RBI Policy Conditions.
    • New Amendment rejects the import; however, it is authorised through recognised agencies of RBI and The Directorate General of Foreign Trade (DGFT).
  • The Code Specifying the Item – 7108 1200 specifies the gold, plated with platinum in the form of unwrought substance.
    • Existing Import policy states a free import subjected to RBI Policy Conditions.
    • New Amendment inhibits by,
      • The import of Gold that is authorised through recognised agencies of RBI and DGFT.
      • Refineries can import the gold ore by obtaining a license with AU regulations.
  • The Code Specifying the Item – 7108 1300 specifies the gold, plated with platinum in the form of semi-manufactured.
    • Existing Import policy states a free import subjected to RBI Policy Conditions.
    • New Amendment rejects the import; however, it is authorised through recognised agencies of RBI and The Directorate General of Foreign Trade (DGFT).
  • The Code Specifying the Item – 7118 9000 specifies Other products like the base metals or Silver, Clad with Gold, not further worked, in the form of semi-manufactured.
    • Existing Import policy states a free import subjected to RBI Policy Conditions.
    • New Amendment rejects the import; however, it is authorised through recognised agencies of RBI and The Directorate General of Foreign Trade (DGFT).

The notification of revised import policy can be accessed below:

Revised-Gold-Silver-Import-Policy

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