Commerce Takes Over
Gold Import Policy from RBI whose Monopoly Over Currency is Diluted
[DGFT Notification No. 36/2015-2020
dated 18 December 2019]
Effect of
the Notification: Import
policy of gold in any form, other than monetary 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.
Subject: Amendment in import policy conditions of gold
and silver under Chapter 71 of ITC (HS), 2017, Schedule – I (Import Policy).
S.O. (E): In exercise
of powers conferred by Section 3 of FT (D&R) Act, 1992, read with paragraph
1.02 and 2.01 of the Foreign Trade Policy,
2015-2020, as amended from time to time. the
Central Government hereby 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).
|
Exim
Code |
Item
Description |
Present
Policy |
Revised
Policy |
Existing
Policy Condition |
Revised
Policy Condition |
|
71061400 |
Powder |
Free |
Restricted |
Subject
to RBI Regulations |
Import
is allowed only through nominated agencies as notified by RBI (in case of
banks) and DGFT (for other agencies). |
|
71069100 |
Unwrought |
Free |
Restricted |
Subject
to RBI Regulations |
Import
is allowed only through nominated agencies as notified by RBI (in case of
banks) and DGFT (for other agencies). Silver dore can be imported by refineries against a licence with AU condition |
|
71069210 |
Sheets,
plates, strips, tubes and pipes |
Free |
Restricted |
Subject
to RBI Regulations |
Import
is allowed only through nominated agencies as notified by RBI (in case of
banks) and DGFT (for other agencies). |
|
71069290 |
Other |
Free |
Restricted |
Subject
to RBI Regulations |
Import
is allowed only through nominated agencies as notified by RBI (in case of
banks) and DGFT (for other agencies). |
|
71081100 |
Powder |
Free |
Restricted |
Subject
to RBI Regulations |
Import is
allowed only through nominated agencies as notified by RBI (in case of banks)
and DGFT (for other agencies). |
|
71081200 |
Other
unwrought forms |
Free |
Restricted |
Subject
to Regulations. However, import policy of Gold Dore is “Restricted”. |
Import
is allowed only through nominated agencies as notified by RBI (in case of
banks) and DGFT (for other agencies). Gold
dare can be imported by refineries against a licence
with AU condition |
|
71081300 |
Other
semi-manufactured forms |
Free |
Restricted |
Subject
to RBI Regulations |
Import
is allowed only through nominated agencies as notified by RBI (in case of
banks) and DGFT (for other agencies). |
|
71189000 |
Other |
Free |
Restricted |
Subject
to RBI Regulations |
Import
is allowed only through nominated agencies as notified by RBI (in case of
banks) and DGFT (for other agencies). |
2. Import of gold under Advance Authorisation and supply of gold directly
by foreign buyers to exporters under para 4.45 of FTP against export orders are
exempted from the amended provisions.
This issues with the approval of Minister of Commerce & Industry.
(F.No.01/89/180/36/AM-11/PC-2(A)Nol.IV/e-1717)