Amendment in import policy condition of Gold under HS Code 71081200

Last updated: 22 November 2023

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The Directorate General of Foreign Trade has announced an amendment to the import policy for Gold under HS Code 71081200. This change introduces new conditions for importing gold, including allowing qualified jewellers to import through the India International Bullion Exchange (IIBX). Additionally, valid India-UAE TRQ holders can now import gold via IIBX and take physical delivery from IFSCA-registered vaults in SEZs.

MINISTRY OF COMMERCE AND INDUSTRY
(Department of Commerce)
(DIRECTORATE GENERAL OF FOREIGN TRADE)
NOTIFICATION
New Delhi, the 20th November, 2023
No. 44/2023

Subject: Amendment in import policy condition of Gold under HS Code 71081200 under Chapter 71 of Schedule –I (Import Policy) of ITC (HS) 2022.

S.O. 4990(E).—In exercise of powers conferred by Section 3 and Section 5 of Foreign Trade (Development & Regulation) Act, 1992, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy 2023, as amended from time to time, the Central Government hereby amends the import policy condition for ITC (HS) code 71081200 of Chapter 71 of ITC (HS), 2022, Schedule – I (Import Policy), with immediate effect, as under:

ITC(HS) Code & Description

Policy

Existing Policy Condition

Revised Policy Condition

71081200 - Other unwrought forms

Restricted

Import is allowed only through nominated agencies as notified by RBI (in case of banks), DGFT (for other agencies) and IFSCA (for qualified jewellers through India International Bullion Exchange)

Gold Dore can be imported by refineries against an import license with AU condition.

1. Import is allowed through:
(i) Nominated agencies as notified by RBI
(in case of banks) or nominated agencies notified DGFT (for other agencies)
(ii) Qualified Jeweller (as notified by IFSCA) through India International Bullion Exchange (IIBX) ;

2. Valid India-UAE TRQ holders as notified by IFSCA can import gold through IIBX against the TRQ and can obtain physical delivery of the same through IFSCA registered vaults located in SEZs as per the guidelines prescribed by the IFSCA.

3. Gold Dore can be imported by refineries against an import licence with Actual User (AU) condition

Effect of the Notification: Valid India-UAE TRQ holders as notified by IFSCA can import gold through IIBX against the TRQ and can obtain physical delivery of the same through IFSCA registered vaults located in SEZs as per the guidelines prescribed by the IFSCA.

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

[F. No. 01/89/180/01/AM-22/PC-2[B]/E-31419]
SANTOSH KUMAR SARANGI, Director General of Foreign Trade And Ex-officio Addl. Secy.

FAQ :

The import policy now allows qualified jewellers to import gold through the India International Bullion Exchange (IIBX) and permits valid India-UAE TRQ holders to import gold via IIBX and receive physical delivery from IFSCA-registered vaults in SEZs.

Imports are allowed through nominated agencies (as notified by RBI or DGFT), qualified jewellers (as notified by IFSCA) via IIBX, and valid India-UAE TRQ holders through IIBX.

The HS Code mentioned is 71081200, which pertains to 'Other unwrought forms' of gold.

Yes, gold dore can still be imported by refineries against an import licence with the Actual User (AU) condition.

India-UAE TRQ holders can obtain physical delivery of gold through IFSCA-registered vaults located in Special Economic Zones (SEZs).

Notification No : 44/2023
Source : https://egazette.gov.in/(S(4c5bfaxoyp2omsutc2wps2qc))/ViewPDF.aspx

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