Amid rising inward shipments of gold, the authorities has imposed regulations on import of precious metals.
According to a notification issued via the Directorate General of Foreign Trade (DGFT), import of gold in any shape has been positioned in “constrained” class from the “loose” category.
“Import coverage of gold in any shape, apart from monetary gold and silver in any form, is amended from ‘Free’ to ‘Restricted’; import is authorized simplest via nominated corporations as notified by way of RBI (in case of banks) and DGFT (for other businesses),” the directorate said.
However, import underneath increase authorisation and deliver of gold without delay via the overseas customers to exporters against orders have been exempted.
The regulations come in the backdrop of rising imports of gold, which rose by 6.Fifty nine consistent with cent to USD 2.Ninety four billion in November from USD 2.Seventy six billion a year-ago.
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