All Items of Gold and Silver Import from South Korea Restricted

· New Trend of Country wise Import Restrictions going beyond MFN Rules of WTO

[Ref: Notification No. 25/2015-2020 dated 25 August 2017]

Effect of this Notification: Policy Condition No. 4 restricting imports of gold and silver under Exim Codes 7113, 7114, 7115 and 7118 from South Korea is inserted in Chapter 71 of ITC(HS) 2017.

Subject: Amendment in import policy of gold and silver under Chapter 71 of the ITC(HS) 2017, Schedule- I (Import Policy).

In exercise of powers conferred by Section 3 (2) of the FT(D&R)Act, 1992 as amended from time to time, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy, 2015-2020, the Central Government hereby inserts Policy Condition No. 4 under Chapter 71 of the ITC(HS) 20 l 7, Schedule- I (Import Policy) to read as under:-

"Imports from South Korea of articles of jewellery and parts thereof, of precious metal or of metal clad with precious metal under Exim code 7113; articles of goldsmiths' or silversmiths' wares and parts thereof, of precious metal or of metal clad with precious metal under Exim code 7114; other articles of precious metal or of metal clad with precious metal under Exim code 7115; and coins under Exim code 7118 are Restricted."

2. The facility/protection under para 1.05 of FTP shall not be available for import of the above items from the date of restriction.