Govt. tweaks import rules on certain gold, silver products

 



As part of an overall effort to bring in greater consis tency between import ta-riffs and customs regula-tions, the government on Monday allowed the im-port of certain types of un-wrought, semi-manufac rured and powdered gold under particular condi tions. On the other hand, it has imposed similar condi tions on the import of some silver products that earlier freely were importable.


According to the new restrictions, imports of these items will only be al lowed through agencies nominated by either the Reserve Bank of India or the government, qualified jewellers, and particular traders authorised under the India-UAE free trade agreement (FTA). The rules were notified by the Directorate General of Fo reign Trade (DGFT) on Monday as a modification of its import policy chapter pertaining to precious me tals, stones, and pearls.


When it comes to gold, several items that earlier faced a blanket restriction have now been allowed for import under particular conditions. For example, the import of unwrought, semi-manufactured, ог powdered gold containing 99.5 or more by weight of gold used to be restricted.


Under the new rules, these items can be import ed by agencies nominated by the RBI, in the case of New rules aimed at ensuring consistency and transparency. GETTY IMAGES/ISTOСКРНОТО


banks, or nominated by the DGFT, or by qualified jewellers as notified by the International Financial Services Centres Authority and only through the India International Bullion Ex-change, or valid tariff rate quota (TRQ) holders under the India-UAE FTA.


On the other hand, the import of unwrought, se mi-manufactured, or pow-dered silver in bar form, which used to be freely im-portable, will now be "sub-ject to RBI regulation".


According to a note by the Global Trade Research Initiative (GTRI), these changes "ensure consisten-cy between customs duties and import regulations" and bring the rules into alignment with the chang-es made in Budget 2025 to enhance the transparency in the import of precious metals.

"Separate codes for gold and silver ore help cus-toms track semi-processed forms of these metals, which are sometimes used to bypass higher duties on refined gold and silver," the GTRI added

Comments

Post a Comment

Popular posts from this blog

GPL REVIEW

 The GPL (Gnanam Premier League) is also known as the Girls Premier League. There are a total of four teams participating: Chola Knight Riders, Maratha Royals, Sengipatti Super Singhams, and Delta Dare Devils. Each team has two owners and one captain. Player selection happens through an auction, and players are divided into three categories: Platinum, Gold, and Silver. The GPL is held for one week at the Gnanam School of Business playground. Through this activity, students — including myself — can practically learn management and business skills behind the game of cricket. My favourite player is Vijay because of his excellent fielding skills. Thank you!
Read more

Book review for May

                       The One Minute Manager  1. About the Author: The One Minute Manager was co-authored by Ken Blanchard and Spencer Johnson . Ken Blanchard is a leadership expert and management consultant known for his practical business advice. Spencer Johnson , a physician and psychologist, is also famous for his parable-style business writing, including Who Moved My Cheese? 2. Context of the Book: First published in 1982 , The One Minute Manager emerged during a period of rising interest in employee productivity and management efficiency . The book simplifies core management principles into an easy-to-follow narrative through a fictional story involving a young man's search for effective management. 3. Purpose of the Book: The book aims to show how managers can achieve better results in less time by applying three simple techniques. It's meant to improve productivity, communication, and job satisfact...
Read more

India trade deal soon, says Trump

  U.S. President Donald Trump has indicated that India and the U.S. will have a trade deal soon. He said the ongoing talks on the proposed India-U.S. bilat-eral trade agreement (BTA) are "coming along great".Indian officials, howev er, believe that it will take at least two months even to work out an early tranche che with limited commitments restricted to a few goods. Sources said the first full tranche of the agreement may take as long as six months. "India [trade talk] is coming along great. I think we'll have a deal with India," Mr. Trump told re-porters on Tuesday at the White House.Earlier on Tuesday, U.S. Treasury Secretary Scott Bessent said the U.S. was "very close" to a trade deal with India.Significantly, he said it was "easy to negotiate" with India because the is-sues were with regard to "very high tariffs" and they could be confronted directly.
Read more