Government Enforces Restrictions on Precious Metal Imports to Curb FTA Misuse
The government has imposed new import restrictions on gold, platinum, and silver jewellery to prevent misuse of Free Trade Agreements. Importers now require a license from the Directorate General of Foreign Trade. Exemptions exist for 100% Export-Oriented Units and certain foreign trade policy schemes.
- Country:
- India
In a significant move to combat the misuse of Free Trade Agreements, the government has imposed new restrictions on the import of gold, platinum, and silver jewellery, effective immediately.
The Directorate General of Foreign Trade announced that the import policy for items under customs tariff heading 7113 has changed from 'Free' to 'Restricted', impacting all imports of these precious metals.
While exemptions exist for 100% Export-Oriented Units and certain schemes under the foreign trade policy, importers must now secure a license. The move aims to prevent traders from exploiting duty differentials through FTAs, as highlighted by industry officials concerned about potential economic losses.
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