Amendment in import policy conditions of gold and silver from Free to Restricted

Amendment in import policy conditions of gold and silver from Free to Restricted

To be published in the Gazette of India Extraordinary Part-11, Section-3, Sub-Section (II)

Government of India
Ministry of Commerce & Industry
Department of Commerce
Directorate General of Foreign Trade

Notification  No. 36/2015-2020
New Delhi, Dated:  18th 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. (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 -I (Import Policy).

2.2 Import of gold under Advance Authorisation and supply of gold directly by foreign buyers to exporters under para 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.

Download DGFT Notification Click Here >>

• Calculation of functional disability depends on victim’s earning capacity in open market – SC
• Appeal against ITAT shall lie only before High Court within whose jurisdiction AO is situated
• SC recommends action against Customs Officer who relied upon AI generated fake case laws
• Non- payment of cost imposed can’t trigger automatic confirmation of an invalid exparte assessment.
• Non-deduction of TDS does not make transaction as unexplained in the hands of deductee – ITAT