In a move to prevent the misuse of trade channels for importing gold in disguised forms and to bolster trade oversight, Ministry of Commerce and Industry has announced new import restrictions on certain precious metal alloys containing gold, as well as colloidal metals and chemical compounds.
The ministry stated that it has issued a notification , to restrict import of alloys of Palladium, Rhodium, and Iridium containing more than 1 per cent gold by weight. Directorate General of Foreign Trade (DGFT) has also issued a notification to restrict the import of alloys. This restriction expands to the existing rule that earlier applied only to platinum.
The updated policy now brings the entire CTH 7110 under the restricted import category at 4-digit level, establishing a uniform framework for the import of precious metals and alloys.
To avoid disruption for the industrial users such as the manufacturing, electronics and various other sectors, government has allowed the free import of alloys containing less than 1 per cent gold. This move ensures that the trade channels are not exploited for irregular gold imports and the needs of the industries are met without exploiting the loopholes. .