India imposes import curbs on all gold, silver and platinum articles
Change
India's Directorate General of Foreign Trade (DGFT) revised the Import Policy and Policy Condition for Chapter 71 to impose import curbs on all forms of gold, silver and platinum articles with immediate effect, applying the restrictions irrespective of prior contracts, letters of credit, advance payments or shipment status.
Why it matters
Tariff concessions and simple shipment-based clearances for precious-metal articles are now constrained, removing procedural routes that previously allowed imports to bypass new controls. Import consignments will face stricter eligibility checks at entry, making clearance and duty relief under existing free trade arrangements harder to obtain.
Implications
- • Importers of gold, silver and platinum articles must obtain approvals required under the revised Chapter 71 policy before attempting customs clearance rather than relying on existing contracts or shipment status.
- • Customs brokers and freight forwarders must update documentation practices and prepare for enhanced documentary scrutiny and potential holds on consignments at ports.
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