Import restriction Centre imposes import restrictions on specific gold jewellery, articles
New Delhi: The Centre on Wednesday implemented import restrictions on specific gold jewellery and articles to reduce the import of non-essential items.
Consequently, importers will now be required to obtain permission or a license from the government for importing these gold products.
However, the Directorate General of Foreign Trade (DGFT) clarified that these restrictions would not apply to imports conducted under the India-UAE free trade agreement.
The exemption highlights the trade arrangements between India and the United Arab Emirates in relation to gold imports.
The DGFT has announced that the import policy for these products has been amended, transitioning them from the category of "free" to "restricted" with immediate effect.
This means that importers will now require permission or a license from the government to import these specific gold jewellery and articles.
During the period of April-May in the current fiscal year, imports of pearls, precious and semi-precious stones saw a decline of 25.36%, amounting to approximately USD 4 billion.
Additionally, gold imports experienced a contraction of around 40%, reaching USD 4.7 billion during the same period.
Overall, merchandise imports during April-May of the current fiscal year decreased by 10.24%, totaling USD 107 billion.
The merchandise trade deficit for April-May 2023 was recorded at USD 37.26 billion, as compared to USD 40.48 billion during April-May 2022.
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