Amendment in import policy conditions of gold and silver under Chapter 71 of ITC (HS), 2017, Schedule - I (Import Policy) - 36/2015-2020 - Foreign Trade Policy

Government of India Ministry of Commerce Industry Department of Commerce Directorate General of Foreign Trade Notification No. 36/2015-2020 New Delhi, Dated : 18 December, 2019 Subject: Amendment in import policy conditions of gold and silver under Chapter 71 of ITC (HS), 2017, Schedule - I (Import Policy). S.O. 4534 (E): In exercise of powers conferred by Section 3 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 with conditions of gold in any form, other than monetary gold and silver in any form under Chapter 71 of ITC (HS), 2017, Schedule - l (Import Policy) . Exim Code Item Description Present Policy Revised Policy Existing Policy Condition Revised Policy Condition 71061000 Powder Free Restricted Subject to RBI Regulations. Import is allowed only through nominated agencies as notified by RBI (in case of banks) and DGFT (for other agencies) 71069100 Unwrought Free Restricted Subject to RBI Regulations. 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 licence with AU condition 71069210 Sheets, plates, strips, tubes and pipes Free Restricted Subject to RBI Regulations. Import is allowed only through nominated agencies as notified by RBI (in case of banks) and DGFT (for other agencies) 71069290 Other Free Restricted Subject to RBI Regulations Import is allowed only through nominated agencies as notified by RBI (in case of banks) and DGFT (for other agencies) 71081100 Powder Free Restricted Subject to RBI Regulations Import is allowed only through nominated agencies as notified by RBI (in case of banks) and DGFT (for other agencies) 71081200 Other unwrought forms Free Restricted Subject to RBI Regulations. However, import policy of Gold Dore is 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 licence with AU condition 71081300 Other semi- manufactured forms Free Restricted Subject to RBI Regulations. Import is allowed only through nominated agencies as notified by RBI (in case of banks) and DGFT (for other agencies) 71189000 Other Free Restricted Subject to RBI Regulations Import is allowed only through nominated agencies as notified by RBI (in case of banks) and DGFT (for other agencies) 2. Import of gold under Advance Authorisation and supply of gold directly by foreign buyers to exporters under para 4.45 of FTP against export orders are exempted from the amended provisions. Effect of the Notification: Import policy of gold in any form, other than monetary gold and silver in any form, is amended from 'Free' to 'Restricted'; import is allowed only through nominated agencies as notified by RBI (in case of banks) and DGFT (for other agencies). However, Import under Advance Authorisation and supply of gold directly by the foreign buyers to exporters under para 4.45 of FTP against export orders are exempted. 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)/Vol.IV/e-1717) Note: The principal notification No. 36/2015-2020, dated the 17th January, 2017 was published in the Gazette of India, Extraordinary vide number S.O. 172 (E), dated the 17th January, 2017.