India imposes import curbs on all gold, silver and platinum articles
Change
India's Directorate General of Foreign Trade issued a notification imposing import restrictions with immediate effect on all articles of gold, silver and platinum and withdrawing transitional arrangements.
Why it matters
Existing contracts, irrevocable letters of credit, advance payments and goods already in transit will not exempt consignments from the new controls, making customs clearance contingent on the revised Chapter 71 licensing conditions. Importers must obtain the required DGFT permissions before expecting consignments to clear under Indian import rules.
Implications
- • Importers of gold, silver and platinum articles must obtain DGFT permission or meet the revised Chapter 71 policy conditions before attempting to import; failure to do so will mean prior contracts and payment instruments will not secure clearance.
- • Customs brokers and freight forwarders handling precious-metal consignments must verify DGFT permissions before filing customs entries or their entries will not meet the new import conditions and will face clearance refusal or delay.
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