Last updated: December 9th, 2022 11:40 AM

Import Policy of Gold and Silver

The Ministry of Commerce and Industry, with its power conferred under Section 3 of the Foreign Trade (Development & Regulation) Act, 1992, has modified Chapter 71 of ITC (HS), 2017, to import Gold and silver. The Amendment, which came into effect on 18th December 2019, changed the items listed gold and silver items, other than the monetary Gold and silver, from ‘Free’ to ‘Restricted.’

Conditions in Chapter 71

A mixture containing precious metal and the intermetallic compound constitutes an alloy of precious metal, with one precious metal element holding the weight of up to 2% of the alloy. The classification of special metal alloys is done with the following rules:

• An alloy comprising 2% or more, by weight, of platinum is to be considered an alloy of platinum.
• An alloy with 2% or more weight of Gold without platinum or less than 2% of platinum is taken as an alloy of Gold.
• An alloy of more than 2% weight of silver is considered a silver alloy.

Revised Rule

The list of items and their related Amendment under Chapter 71 of ITC is as follows:

• The Code Specifying the Item - 7106 1000 specifies the silver, plated with Gold or platinum in the form of Powder.
• The existing Import policy states a free import is subjected to RBI Policy Conditions.
• New Amendment rejects the import; however, it is authorized through recognized agencies of RBI and The Directorate General of Foreign Trade (DGFT).

• The Code Specifying the Item - 7106 9100 specifies the silver, plated with Gold or platinum in the form of an unwrought substance.
  • The existing Import policy states a free import is subjected to RBI Policy Conditions.
    • New Amendment inhibits by:
      • The import of Gold is authorized through recognized agencies of RBI and DGFT.
      • Refineries can import silver ore by obtaining a license with AU regulations.

• The Code Specifying the Item - 7106 9210 specifies the silver, plated with Gold or platinum in the form of the semi-manufactured sheet, plates, tubes, strips, and pipes.
  • The existing Import policy states a free import is subjected to RBI Policy Conditions.
  • New Amendment rejects the import; however, it is authorized through recognized agencies of RBI and The Directorate General of Foreign Trade (DGFT).

• The Code Specifying the Item - 7106 9290 specifies the silver, plated with Gold or platinum in the form of other products specified earlier.
• • The existing Import policy states a free import is subjected to RBI Policy Conditions.
  • New Amendment rejects the import; however, it is authorized through recognized agencies of RBI and The Directorate General of Foreign Trade (DGFT).

• The Code Specifying the Item - 7108 1100 specifies the Gold, plated with platinum in the form of Powder.
  • The existing Import policy states a free import is subjected to RBI Policy Conditions.
  • New Amendment rejects the import; however, it is authorized through recognized agencies of RBI and The Directorate General of Foreign Trade (DGFT).

• The Code Specifying the Item - 7108 1200 specifies the Gold, plated with platinum, as an unwrought substance.
  • The existing Import policy states a free import is subjected to RBI Policy Conditions.
  • New Amendment inhibits by,
    • The import of Gold is authorized through recognized agencies of RBI and DGFT.
    • Refineries can import gold ore by obtaining a license with AU regulations.

• The Code Specifying the Item – 7108 1300 specifies the Gold, plated with platinum in the form of semi-manufactured.
  • The existing Import policy states a free import is subjected to RBI Policy Conditions.
  • New Amendment rejects the import; however, it is authorized through recognized agencies of RBI and The Directorate General of Foreign Trade (DGFT).

• The Code Specifying the Item – 7118 9000 specifies Other products like the base metals or Silver, Clad with Gold, not further worked, in the form of semi-manufactured.
  • The existing Import policy states a free import is subjected to RBI Policy Conditions.
  • New Amendment rejects the import; however, it is authorized through recognized agencies of RBI and The Directorate General of Foreign Trade (DGFT).

The notification of the revised import policy can be accessed below: