Amendment in import policy conditions of gold under Chapter 71
Amendment in import policy conditions of gold under Chapter 71 of Schedule – I (Import Policy) of ITC (HS), 2017- NOTIFICATION No.49/2015-2020
S.O. 67 (E).—In exercise of powers conferred by Section 3 read with Section 5 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 conditions for gold in any form, other than monetary gold and silver in any form under Chapter 71 of ITC (HS), 2017, Schedule – I (Import Policy) as under:
| ITC(HS) Code | Item Description | Policy | Existing Policy Condition | Revised Policy Condition |
| 71061000 | Powder | Restricted | Import is allowed only through nominated agencies as notified by RBI (in case of banks) and DGFT (for other agencies). | No change in existing Policy Condition |
| 71069110 | Unwrought: Grains | Restricted | Import is allowed only through nominated agencies as notified by RBI (in case of banks) and DGFT (for other agencies). | No change in existing Policy Condition |
| 71069190 | Unwrought: Others | Restricted | Silver dore can be imported by refineries against a license with AU condition. | No change in existing Policy Condition |
| 71069210 | Sheets, plates, strips, tubes and pipes | Restricted | Import is allowed only through nominated agencies as notified by RBI (in case of banks) and DGFT(for other agencies). | No change in existing Policy Condition |
| 71069290 | Other | Restricted | Import is allowed only through nominated agencies as notified by RBI (in case of banks) and DGFT(for other agencies). | No change in existing Policy Condition |
| 71081100 | Powder | Restricted | Import is allowed only through nominated agencies as notified by RBI (in case of banks) and DGFT (for other agencies). | No change in existing Policy Condition |
| 71081200 | Other unwrought forms | Restricted | Import is allowed only through nominated agencies as notified by RBI (in case of banks) and DGFT (for other agencies). Gold dore can be imported by refineries against a license with AU condition. | Import is allowed only through nominated agencies as notified by RBI (in case of banks), DGFT (for other agencies) and IFSCA(for qualified jewellersthrough India International Bullion Exchange) Gold Dore can be imported by refineries against an import license with AU condition. |
| 71081300 | Other semi- manufactured forms | Restricted | Import is allowed only through nominated agencies as notified by RBI (in case of banks) and DGFT (for other agencies). | No change in existing Policy Condition |
| 71189000 | Other | Restricted | Import is allowed only through nominated agencies as notified by RBI (in case of banks) and DGFT (for other agencies). | Import is allowed only through nominated agencies as notified by RBI (in case of banks), DGFT (for other agencies) and IFSCA(for qualified jewellersthrough India International Bullion Exchange). |
- Import of gold/silver under Advance Authorisation and supply of gold/silver directly by foreign buyers to exporters under para 4.45 of FTP against export orders would continue to be governed by the relevant FTP provisions.
- The expression “Gold in any form” includes gold in any form above 22 carats under Chapter-71 of ITC (HS), 2017, Schedule-I (Import Policy).
Effect of the Notification: In addition to nominated agencies as notified by RBI (in case of banks) and nominated agencies notified by DGFT, qualified jewellers as notified by International Financial Services Centres Authority (IFSCA) will be permitted to import gold under specific ITC(HS) Codes through India International Bullion Exchange IFSC Ltd. (IIBX). However, Import of gold/silver under Advance Authorisation and supply of gold/silver directly by foreign buyers to exporters under para 4.45 of FTP against export orders would continue to be governed by the relevant FTP provisions.
This issues with the approval of Minister of Commerce & Industry.
Also Read: Extension of Last Date for Submitting the applications for Scrip based FTP Schemes- Notification 48/2015-20
Read More Updates on DGFT
