The Government of India has introduced strict restrictions on the import of gold, silver, and platinum articles, in a decisive move to curb misuse of trade agreements and protect domestic markets. Announced by the Directorate General of Foreign Trade, the policy takes immediate effect and applies to all items under Chapter 71, including jewellery, coins, and precious stones.
The new rules override all prior commitments—covering existing contracts, advance payments, and shipments in transit—without any transitional relief. This signals the government’s strong intent to close loopholes being exploited by some traders under the India–ASEAN Free Trade Agreement, particularly through routing imports via ASEAN nations to avoid duties.
Building on earlier curbs announced on April 1 and previous restrictions on platinum and silver jewellery, the move expands regulatory control across all precious metal imports. While industry players have supported the crackdown on unfair practices, they have also called for a simplified licensing system to ensure smooth operations for genuine businesses.
Overall, the step is seen as a proactive effort to strengthen trade discipline, prevent revenue leakage, and ensure fair use of international agreements.
Frequently Asked Questions
What has the Government of India announced?
The government has imposed strict restrictions on the import of all articles made of gold, silver, and platinum to prevent misuse of trade agreements and regulate inflows.
Who issued the notification?
The decision was announced by the Directorate General of Foreign Trade (DGFT) through an official notification.
Do these rules apply to existing import contracts?
Yes, the restrictions apply immediately and override all prior commitments, including contracts, advance payments, and shipments in transit. No transitional relief is provided.
Why has the government taken this step?
The move aims to curb misuse of the India–ASEAN Free Trade Agreement, where some traders were allegedly exploiting tariff benefits by routing imports through ASEAN countries.
What items are covered under the new restrictions?
The curbs apply to all goods under Chapter 71, including precious metals, jewellery, imitation jewellery, pearls, precious stones, and coins.
