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)