Home » Commerce and Industry » Measures to restrict the import of Gold 

Measures to restrict the import of Gold 

 

The Government has introduced the following measures to restrict the import of gold in the country:

  1. Imposition of restriction on duty free gold imports from the South Korea as allowed under the existing India-Korea CEPA.
  2. Imposition of self-use condition on Premiere Trading House and Star Trading House authorised to import precious metal (gold) directly from overseas bullion supplier (DGFT Notification No. 34/2015-20 dated 18.10.2017).
  • Issuances of Trade Notice by DGFT for grant of licence for import of Gold to the refinery who holds a valid license from BIS (DGFT Trade Notices No.4 dated 21.04.2017 and No. 14 dated 24.08.2017).
  1. Restriction imposed on export of gold jewellery and articles, including medallions and coins (excluding legal tenders) of purity above 22 carats. (DGFT Notification No. 21/2015-20 dated 14.08.2017).

The above measures have yielded the desired results with 31.25% reduction in the import of gold and 4.29% reduction in import of gold & other precious metal jewellery during the current year (Apr-May 2018) over the corresponding period of the previous year.

India’s import of gold and gold & other precious metal jewellery has increased by 22.31% and 727.51% respectively during the year 2017-18 over the year 2016-17. The details of import of gold and gold & other precious metal jewellery during last three years and the current year are as below:

(Value in US$ millions)

Years Gold % Change Gold & other precious metal jewellery % Change
2015-16 31770.74 706.37
2016-17 27518.03 -13.39 381.63 -45.97
2017-18 33657.21 22.31 3158.05 727.51
2017-18 (Apr-May) 8811.89 126.21
2018-19 (Apr-May)* 6058.28 -31.25 120.79 -4.29

  Source: DGCI&S, Kolkata (*: Provisional)

          

This information was given by the Minister of State of Commerce and Industry, C. R. Chaudhary, in a written reply in the Rajya Sabha

About Indianindustry Media

Leave a Reply

Your email address will not be published. Required fields are marked *

*

x

Check Also

Government of India notifies extension of Remission of Duties and Taxes on Exported Products support to Advance Authorisation Holders, Export Oriented Units and Special Economic Zones Units

Union Minister of Commerce & Industry, Consumer Affairs, Food and Public Distribution, and Textiles, Shri ...

Financial assistance under ‘Tea Development & Promotion Scheme’ increases by 82% from Rs. 290.81 crores to Rs.528.97 crore for 2024-25 and 2025-26

The financial assistance for the Tea sector under the ‘Tea Development & Promotion Scheme’ has ...

Cabinet approves Uttar Poorva Transformative Industrialization Scheme, 2024

The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved the proposal of the Ministry of ...

DPIIT notifies Quality Control Orders for ‘Potable water bottles’ and ‘Flame-Producing Lighter’

Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry has ...

‘Intense momentum marks the opening day of Startup20’s third meeting in Goa Over 250 International, National delegates participate on Day One

The Startup20 Engagement Group of the G20 kicked off its third meeting, the Goa Sankalpana, ...

Spices Board establishes eight crop specific Spices Parks across the country

Spices Board has established eight crop specific Spices Parks across the country, the Minister of ...

Seafood products export from India during the last three years has increases from US$ 6679 million in FY 2019-20 to an all-time high record figure of US$ 7759.58 million in FY 2021-22

Seafood products export from India during the last three years has increased from US$ 6679 ...

Centre takes proactive steps to promote the GI tagged products in the global market

The Government has taken several proactive steps to promote the GI tagged products in the ...

Centre formulates ‘Action Plan for Champion Sectors in Services’ to give focused attention to 12 identified Champion Services Sectors

Centre has formulated ‘Action Plan for Champion Sectors in Services’ to give focused attention to ...

The Fund of Funds Scheme (FFS) for startups commits Rs. 7,980 crores to 99 Alternative Investment Funds (AIFs) and Rs. 3,400 crores to 72 AIFs which have in turn made investments of Rs. 14,077 crore in 791 startups

As on 31st December 2022, under the Fund of Funds Scheme (FFS) for startups, Rs. ...

WP2Social Auto Publish Powered By : XYZScripts.com