India's DGFT imposes import curbs on all gold, silver and platinum articles
Trade-compliance teams at precious‑metal importers must secure DGFT clearance immediately
Change
India's Directorate General of Foreign Trade (DGFT) revised the import policy with immediate effect to place curbs on all articles of gold, silver and platinum and removed transitional-arrangement benefits, applying the restriction irrespective of prior contracts, irrevocable letters of credit, advance payments or shipment status.
Why it matters
The revision brings every tariff line under Chapter 71 — including pearls, precious and semi‑precious stones, precious metals, metals clad with precious metal, imitation jewellery and coins — into the import‑curb scope. The measure is aimed at checking misuse of free trade agreements (FTAs), so preferential‑treatment claims under FTAs such as the India–ASEAN FTA will not exempt consignments from the new curbs.
Implications
- — Trade‑compliance teams and customs brokers at importers of gold, silver and platinum articles must confirm DGFT authorisation and reflect it on import filings before shipment arrival — consignments relying on prior contracts, irrevocable letters of credit, advance payments or shipment status risk being denied import treatment immediately.
- — Trade‑finance teams handling letters of credit and payment releases for precious‑metal imports must withhold payment or condition release on confirmed DGFT clearance now — otherwise the company bears payment exposure if shipments are refused import under the revised policy.
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Source
View on Economic Times