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The Central Government amends the import policy condition for gold under HS Code 71081200 with immediate effect. Importers must follow revised channels for import. Import is allowed through nominated agencies notified by RBI or DGFT, and through qualified jewellers via the India International Bullion Exchange. Valid India-UAE Tariff Rate Quota holders notified by the International Financial Services Centres Authority can import gold through the India International Bullion Exchange. These holders can obtain physical delivery through International Financial Services Centres Authority registered vaults in Special Economic Zones. Refineries can import gold dore against an import licence with an Actual User condition.
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To be published in the Gazette of India Extraordinary Part-II, Section-3, Sub-Section (ii)
Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Vanijya Bhawan, New Delhi
Notification No. 44/2023 Dated: $20^\text{th}$ November, 2023
Subject: Amendment in import policy condition of Gold under HS Code 71081200 under Chapter 71 of Schedule –I (Import Policy) of ITC (HS) 2022.
S.O. (E): In exercise of powers conferred by Section 3 and Section 5 of Foreign Trade (Development & Regulation) Act, 1992, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy 2023, as amended from time to time, the Central Government hereby amends the import policy condition for ITC (HS) code 71081200 of Chapter 71 of ITC (HS), 2022, Schedule – I (Import Policy), with immediate effect, as under:
| ITC(HS) Code & Description | Policy | Existing Policy Condition | Revised Policy Condition |
|---|---|---|---|
|
71081200
-- Other unwrought forms | Restricted |
Import is allowed only through nominated agencies as notified by RBI (in case of banks), DGFT (for other agencies) and IFSCA (for qualified jewellers through India International Bullion Exchange)
Gold Dore can be imported by refineries against an import license with AU condition. |
1. Import is allowed through:
(i) Nominated agencies as notified by RBI (in case of banks) or nominated agencies notified DGFT (for other agencies) (ii) Qualified Jeweller (as notified by IFSCA) through India International Bullion Exchange (IIBX) ;
|
Effect of the Notification: Valid India-UAE TRQ holders as notified by IFSCA can import gold through IIBX against the TRQ and can obtain physical delivery of the same through IFSCA registered vaults located in SEZs as per the guidelines prescribed by the IFSCA.
This issue with the approval of Minister of Commerce & Industry.
[Image omitted. See the official document.] (Santosh Kumar Sarangi) Director General of Foreign Trade & Ex-officio Addl. Secretary to Govt. of India Email: dgft@nic.in
(Issued from File No. 01/89/180/01/AM-22/PC-2[B]/E-31419)
