The central government has amended the gold import policy and imposed restrictions on certain jewellery and articles.
Through a notification on Wednesday, the Directorate General of Foreign Trade (DGFT) amended the import policy for unstudded jewellery, and other articles made of gold to the “restricted” category from earlier “free”. Putting a commodity in the “restricted” category essentially means that a proper license will be required from the relevant authorities to import.
However, the DGFT notification qualified that the import of unstudded gold will remain unrestricted under India-UAE Comprehensive Economic Partnership Agreement (CEPA) tariff rate quota.
However, import under HS code 71131911 (Of gold – unstudded) shall be permitted freely without any import license under a valid India-UAE CEPA TRQ,” the DGFT notification read.