The Ministry of Commerce & Industry, Department of Commerce, Directorate General of Foreign Trade (DGFT) of the Government of India has issued Notification No. 19/2023-DGFT on July 12, 2023. This notification pertains to the amendment in the import policy and policy conditions of gold covered under HS codes 71131911, 71131919, and 71141910 of Chapter 71 of Schedule-I (Import Policy) of ITC (HS) 2022. In this article, we will analyze the key changes in the import policy and policy conditions and the implications of the amendment.
Analysis: The notification amends the import policy and policy conditions of specific ITC (HS) codes under Chapter 71 of Schedule-I (Import Policy) – ITC (HS), 2022. The existing “Free” import policy for HS codes 71131911, 71131919, and 71141910 has been revised to “Restricted” with immediate effect. This means that import activities related to these HS codes will now be subject to restrictions and additional policy conditions.
However, there is an exception for import under HS code 71131911. Import under a valid India-UAE CEPA TRQ (Comprehensive Economic Partnership Agreement Tariff Rate Quota) will be permitted freely without any import license. This exception allows for trade between India and the United Arab Emirates under the specified TRQ.
The amendment has implications for entities involved in gold import activities. Importers need to be aware of the revised import policy and policy conditions and ensure compliance with the new regulations. It is important to note that the amendment has immediate effect, and any import activities falling under the affected HS codes must adhere to the updated policy.
Conclusion: The Government of India’s recent notification brings an amendment to the import policy and policy conditions of gold covered under HS codes 71131911, 71131919, and 71141910. The revised import policy has changed from “Free” to “Restricted,” except for import under HS code 71131911 with a valid India-UAE CEPA TRQ. Entities engaged in gold import activities need to understand and comply with the updated regulations. Adhering to the revised import policy and policy conditions is crucial to ensure smooth and lawful import operations. For detailed information and guidance, refer to Notification No. 19/2023-DGFT dated July 12, 2023, issued by the Directorate General of Foreign Trade (DGFT) and contact [email protected] for any inquiries.
Government of India
Ministry of Commerce & Industry
Department of Commerce
Directorate General of Foreign Trade
Vanijya Bhawan, New Delhi
Notification No. 19/2023-DGFT | Dated: 12th July, 2023
Subject: Amendment in import policy and policy condition of Gold Covered under HS code 71131911, 71131919 & 71141910 of Chapter 71 of Schedule —I (Import Policy) of ITC (HS) 2022.
S.O. 3111.— In exercise of powers conferred by Section 3 and Section 5 of Foreign Trade (Development &Regulation) Act, 1992, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy 2023, as amended from time to time, the Central Government hereby amends the import policy and policy condition of specific ITC (HS) Codes under Chapter 71 of Schedule -I (Import Policy) – ITC (HS), 2022, as under:
| HS codes | Item Description | Existing Import Policy | Existing Policy Condition | Revised Import Policy |
Revised Policy Condition |
| 71131911 | — Of gold :—-Unstudded | Free |
– |
Restricted | However, import under a valid INDIA-UAE CEPA TRQ shall be permitted freely without any import license. |
| 71131919 | — Of gold : —-Other |
Free |
– |
Restricted |
– |
| 71141910 | — Articles of gold | Free |
– |
Restricted |
– |
2. Effect of the notification: The Import Policy of ITC (HS) code 71131911, 71131919 and 71141910 has been amended from “Free” to “Restricted” with immediate effect. However, import under HS code 71131911 shall be permitted freely without any import license under a valid India-UAE CEPA TRQ.
This issues with the approval of Minister of Commerce & Industry.
(Santosh Kumar Sarangi)
Director General of Foreign Trade &
Ex-officio Addl. Secretary to Govt. of India
Email: [email protected]
(Issued from File No.01/89/180/36/AM-11/PC-2[A]/Part-VI/E-34691)
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