New Delhi, May 20: Now it will not be easy to import gold and silver from abroad. The central government has made the rules for import of these precious metals more stringent. In a notification issued by the Directorate General of Foreign Trade (DGFT) on May 19, gold, silver and platinum have been placed in the ‘restricted’ category.
The main objective of this step of the government is to stop smuggling, standardize HS codes and bring transparency in the import process.
Who can now order gold and silver?
Now only agencies approved by RBI or DGFT and jewelers with IFSCA accreditation will be able to import gold. Moreover, this gold will be imported only through the India International Bullion Exchange (IIBX).
Gold with purity of 99.5% or more is now in the ‘restricted’ category under HS codes 71081210 and 71081310, for which prior approval will be mandatory.
Similar strict rules for silver
Silver bars with purity of 99.9% or more have now been restricted under HS code 71069120. Such imports will also now be possible only through RBI notified banks, DGFT-designated agencies or IFSCA certified jewellers through IIBX.
However, import of semi-processed silver bars is still possible independently under RBI rules.
New regulations on platinum
Platinum with purity of 99% or more is still eligible for independent import under HS codes 711011111 and 71101121. But prior approval is now mandatory for other types of platinum.
Bullion prices surge
After this notification, gold and silver prices have seen an increase in MCX market. On May 19-20, gold crossed the ₹94,000 mark for June 5 futures. Today, it has reached ₹95,160 per 10 grams. Similarly, silver is trading at a high rate of ₹97,697 per kg for July 4 futures.
