In addition to nominated agencies as notified by RBI (in case of banks) and nominated agencies notified by DGFT, qualified jewellers as notified by International Financial Services Centres Authority (IFSCA) will be permitted to import gold under specific ITC(HS) Codes through India International Bullion Exchange IFSC Ltd. (IIBX). However, Import of gold/silver under Advance Authorisation and supply of gold/silver directly by foreign buyers to exporters under para 4.45 of FTP against export orders would continue to be governed by the relevant FTP provisions.

Government of India
Ministry of Commerce & Industry
Department of Commerce
Directorate General of Foreign Trade
New Delhi

Notification No. 49/2015-2020  | Dated: 5th January, 2022

Subject: Amendment in import policy conditions of gold under Chapter 71 of Schedule — I (Import Policy) of ITC (HS), 2017

S.O. 67 (E): In exercise of powers conferred by Section 3 read with Section 5 of FT (D&R) Act, 1992, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy, 2015-2020, as amended from time to time, the Central Government hereby amends the import policy conditions for gold in any form, other than monetary gold and silver in any form under Chapter 71 of ITC (HS), 2017, Schedule — I (Import Policy) as under:

ITC(HS) Code Item

Description

Policy Existing Policy
Condition
Revised Policy Condition
71061000 Powder Restricted Import is      allowed                   only through       nominated
agencies as notified by RBI (in case of banks) and DGFT       (for other
agencies).
No change in existing Policy
Condition
71069110 Unwrought:
Grains
Restricted Import   is    allowed             only through         nominated
agencies as notified by RBI (in   case  of banks)  and
DGFT (for other agencies).Silver dore can be imported by    refineries    against a
license with AU condition.
No change in existing Policy
Condition
71069190 Unwrought:
Others
71069210 Sheets, plates,
strips, tubes and
pipes
Restricted Import is allowed only through nominated agencies as notified by RBI (in case of banks) and DGFT(for other agencies). No change in existing Policy
Condition
71069290 Other Restricted Import is allowed only through nominated agencies  as   notified  by
RBI (in case of banks) and DGFT(for other agencies).
No change in existing Policy
Condition
71081100 Powder Restricted Import is allowed only through       nominated
agencies as notified by RBI (in case of banks) and DGFT (for    other
agencies).
No change in existing Policy
Condition
71081200 Other unwrought
forms
Restricted Import is    allowed only through         nominated agencies as notified by RBI (in case of banks) and DGFT         (for  other agencies).

Gold dore can be imported by    refineries  against  a license with AU condition.

Bullion Exchange)

Import   is    allowed    only             through nominated agencies as notified by RBI (in case of banks), DGFT (for other agencies) and IFSCA(for qualified jewellers through India International Gold    Dore  can   be           imported     by refineries against an import license with AU condition.
71081300 Other semi-
manufactured
forms
Restricted Import is allowed only through nominated agencies as notified by RBI (in case of banks) and DGFT (for other
agencies).
No change in existing Policy
Condition
71189000 Other Restricted Import  is  allowed only through        nominated
agencies as notified by RBI (in case of banks) and DGFT       (for other
agencies).
Import   is    allowed    only             through nominated agencies as notified by RBI (in case of banks), DGFT (for other agencies) and IFSCA(for qualified
jewellers through India International Bullion Exchange).

2. Import of gold/silver under Advance Authorisation and supply of gold/silver directly by foreign buyers to exporters under para 4.45 of FTP against export orders would continue to be governed by the relevant FTP provisions.

DGFT permits Gold Import by qualified jewellers notified by IFSCA

3. The expression “Gold in any form” includes gold in any form above 22 carats under Chapter-71 of ITC (HS), 2017, Schedule-I (Import Policy).

Effect of the Notification: In addition to nominated agencies as notified by RBI (in case of banks) and nominated agencies notified by DGFT, qualified jewellers as notified by International Financial Services Centres Authority (IFSCA) will be permitted to import gold under specific ITC(HS) Codes through India International Bullion Exchange IFSC Ltd. (IIBX). However, Import of gold/silver under Advance Authorisation and supply of gold/silver directly by foreign buyers to exporters under para 4.45 of FTP against export orders would continue to be governed by the relevant FTP provisions.

This issues with the approval of Minister of Commerce & Industry.

(Amit Yadav)
Director General of Foreign Trade&
Ex- officio Addl. Secretary to the Government of India

(F.No.01/89/180/36/AM-11/PC-2(A)/ E-1678)

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