Amendment in import policy conditions of gold under Chapter 71 of Schedule - I (Import Policy) of ITC (HS), 2017 - 49/2015-2020 - Foreign Trade Policy

Government of India Ministry of Commerce Industry Department of Commerce Directorate General of Foreign Trade Notification No. 49/2015-2020 New Delhi, Dated: 5th January, 2022 Subject: Amendment in import policy conditions of gold under Chapter 71 of Schedule - I (Import Policy) of ITC (HS), 2017 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 Silver dore can be imported by refineries against a license with AU condition No change in existing Policy Condition 71069190 Unwrought: Others 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 jewellers through 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 jewellers through India International Bullion Exchange) 2. 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. 3. 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. (Amit Yadav) Director General of Foreign Trade Ex- officio Addl. Secretary to the Government of India (F.No.01/89/180/36/AM-11/PC-2(A)/ E-1678)