Importers will require permission or license from the government for importing gold products
The government has imposed import restrictions on specific gold jewellery and articles. The decision will help reduce the import of non-essential items.
As per this move, an importer will require permission or license from the government for importing these gold products.
At the same time, the Directorate General of Foreign Trade (DGFT) said in a notification that the restrictions will not apply to imports under the India-UAE free trade deal.
The DGFT also said that the import policy of these products “has been amended from free to restricted with immediate effect”.
Gold imports have contracted by about 40 percent to $4.7 billion during April-May this fiscal. Import of certain gold jewellery stood at over $110 million in April-may this fiscal and it was mainly imported from countries like UAE, Indonesia, and the US.
[With Inputs from IANS]
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