The Directorate General of Foreign Trade (DGFT) on November 20, 2023, amended the import policy condition related to Gold under HS Code 71081200 under Chapter 71 of Schedule - I (Import Policy) of ITC (HS) 2022.
The following has been stated:
• it states that the Import shall be allowed through the following namely: -
(i) Nominated agencies as notified by RBI (in case of banks) or nominated agencies notified by Directorate General of Foreign Trade (DGFT) (for other agencies).
(ii) Qualified Jeweller (as notified by IFSCA) through India International Bullion Exchange (IIBX);
• It states that the Valid India-UAE TRQ holders as notified by the International Financial Services Centres Authority (IFSCA) can import gold through the India International Bullion Exchange (IIBX) against the TRQ and can obtain physical delivery of the same through the International Financial Services Centres Authority (IFSCA) registered vaults located in Special Economic Zone (SEZs) as per the guidelines prescribed by the International Financial Services Centres Authority (IFSCA).
• it states that the Gold Dore can be imported by refineries against an import license with Actual User (AU) condition.
This notification shall come into force from November 20, 2023.
[Notification No 44/2023]
