Amendment in Import Policy and Policy Conditions of specific ITC (HS) codes under Chapter 71 of Schedule -I(Import Policy) of ITC (HS) 2022 in sync with the Finance Act 2025 -reg.

Executive Summary: Notification No. 08/2025-26, dated May 19, 2025, amends the Import Policy and Policy Conditions for specific ITC HS codes under Chapter 71 of Schedule I Import Policy of ITC HS 2022, aligning with the Finance Act 2025. The changes, effective immediately, involve deletions of existing ITC HS codes and modifications to the import policy and conditions for newly created ITC HS codes. This amendment is issued under the authority of the Foreign Trade Development Regulation Act, 1992 and the Foreign Trade Policy 2023. Key Points / Main Content: * **Chapter 71 Amendments:** * Details of deleted ITC HS codes are provided. * Import Policy and Policy Conditions for newly created ITC HS codes are notified. * **Silver (ITC HS Code 7106):** * *71069220 Bar*: Deleted. * *71069120 Containing 99.9 per cent. or more by weight of silver*: Import is restricted and allowed only through nominated agencies as notified by RBI in case of banks, IDGFT for other agencies and by qualified jewellers as notified by the IFSCA for import through India International Bullion Exchange IIBX. * *71069221 Bar: Containing 99.9 percent of more by weight off silver*: Import is free, subject to RBI Regulations. * *71069229 Bar Other*: Import is free, subject to RBI Regulations. * **Gold (ITC HS Code 7108):** * *71081200 Nonmonetary*: Deleted. * *71081300 Nonmonetary*: Deleted. * *71081210 Containing 99.5 per cent. or more by weight of gold*: Import is restricted; allowed through nominated agencies as notified by RBI or DGFT, or Qualified Jewellers as notified by IFSCA through IIBX and Valid India-UAE TRQ holders as notified by IFSCA can import gold through IIBX against the TRQ and can obtain physical delivery of the same through IFSCA registered vaults located in SEZs. * *71081290 Other*: Import is restricted; allowed through nominated agencies as notified by RBI or DGFT, or Qualified Jewellers as notified by IFSCA through IIBX and Valid India-UAE TRQ holders as notified by IFSCA can import gold through IIBX against the TRQ and can obtain physical delivery of the same through IFSCA registered vaults located in SEZs. Gold Dore can be imported by refineries against an import license with Actual User AU condition. * *71081310 Containing 99.5 per cent. or more by weight of gold*: Import is restricted; allowed only through nominated agencies as notified by RBI or DGFT * *71081390 Other*: Import is restricted; allowed only through nominated agencies as notified by RBI or DGFT * **Platinum (ITC HS Code 7110):** * *71101110 Unwrought form*: Deleted. * *71101120 In powder form*: Deleted. * *71101900 Platinum : Other*: Deleted. * *71101111 Unwrought form Containing 99.0 per cent or more by weight of platinum*: Import is free. * *71101119 Unwrought form: Other*: Import is restricted. * *71101121 In powder form: Containing 99.0 per cent. or more by weight of platinum*: Import is free. * *71101129 In powder form: other*: Import is restricted. * *71101910 Containing 99.0 per cent. or more by weight of platinum*: Import is free. * *71101990 Other*: Import is restricted. Impact Analysis: **RBI (Reserve Bank of India) Nominated Agencies:** * *Impact:* Involved in the import of silver and gold through nominated agencies. * *Action Required:* Ensure compliance with updated import policies and conditions for silver and gold, as per RBI guidelines. **DGFT (Directorate General of Foreign Trade) Nominated Agencies:** * *Impact:* Involved in the import of silver and gold through nominated agencies. * *Action Required:* Ensure compliance with updated import policies and conditions for silver and gold, as per DGFT guidelines. **IFSCA (International Financial Services Centres Authority) Qualified Jewellers:** * *Impact:* Allowed to import silver and gold through the India International Bullion Exchange (IIBX). * *Action Required:* Ensure compliance with IFSCA regulations for importing silver and gold through IIBX. **India-UAE TRQ Holders:** * *Impact:* Allowed to import gold through IIBX against the TRQ and obtain physical delivery through IFSCA registered vaults in SEZs. * *Action Required:* Ensure compliance with IFSCA guidelines for importing gold through IIBX against the TRQ. **Refineries:** * *Impact:* Can import Gold Dore against an import license with Actual User (AU) condition. * *Action Required:* Obtain the necessary import license with AU condition to import Gold Dore. **Importers of Silver, Gold, and Platinum:** * *Impact:* Subject to revised import policies and conditions based on specific ITC HS codes. * *Action Required:* Review and comply with the new import policies and conditions for relevant ITC HS codes, including restrictions and required documentation.

Key Entities Referenced