Gold Dore Imports Curbed, Imports Restricted

    Refining Units will need DGFT Licence

    Gold Prices may Rise along with Informal Trade

The government on Friday, 30 November, put the imports of gold dore in restricted category.

"Import policy of gold dore is restricted," the directorate general of foreign trade (DGFT) said in a notification.

This means, now, an importer needs a license to import this commodity.

Gold dore is a semi-pure alloy which is refined for further purification. Refined gold bars are manufactured from gold dore bar.

India, the world's second-biggest gold consumer after China, imports about 900 tonnes of gold a year.

In value terms, gold imports fell by about 43 per cent to $1.68 billion in October.

The imports mainly take care of demand of the jewellery industry.

[DGFT Notification No. 45/2015-2020 dated 30 November 2018]

Effect of the Notification: Import policy of gold-dore is laid down.

Subject: Amendment of import policy of items under HS code 7108 12 00 under lTC (HS), 2017, Schedule - I (Import Policy).

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 import policy of items under HS code 7108 12 00 under lTC (HS), 2017 Schedule - I (Import Policy).

Exim Code

Item Description

Policy

Policy Conditions

Revised Policy Condition

7108 12 00

Other unwrought forms

Free

Subject to RBI Regulations.

Subject to RBI Regulations. However, import policy of Gold Dore is "Restricted"

This issues with the approval of Minister of Commerce & Industry.

[Issued from F.No.01/89/180/36/AM-11/PC-2 (A)/e 1679]