Home India Ministry of Commerce and Industry Amendment in import policy condition of silver Covered under...
Date: 11-Oct-2023 Category: Extra Ordinary State: Union Government Country: India

Amendment in import policy condition of silver Covered under Chapter 71 of Schedule I Import Policy of ITC HS 2022

Issued by Ministry of Commerce and Industry · Directorate General of Foreign Trade

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Executive Summary & Key Takeaways

What it means

  • The gazette notification amends the import policy conditions for silver under Chapter 71 of Schedule-I (Import Policy) of ITC (HS), 2022.
  • It allows qualified jewellers, as notified by the International Financial Services Centres Authority (IFSCA), to import silver through the India International Bullion Exchange IFSC Ltd. (IIBX), in addition to the existing nominated agencies.

Key Changes

  • HS codes 71069110 (Silver Grains) and 71069290 (Other Silver) are affected by this notification.
  • The existing policy restricted import to nominated agencies as notified by RBI (for banks) and DGFT (for other agencies).
  • The revised policy permits qualified jewellers notified by IFSCA to import silver through the India International Bullion Exchange (IIBX).
  • Silver dore can be imported by refineries against a license with AU condition.

Impact Analysis

Stakeholders Impacted

  • Refineries: Refineries can import silver dore against a license with AU condition.

Suggested Action Items

  • Refineries: Ensure compliance with license requirements, including AU condition, for importing silver dore.

Key Entities Referenced

DGFT: Directorate General of Foreign Trade, responsible for foreign trade policy. RBI: Reserve Bank of India, the central bank of India. IFSCA: International Financial Services Centres Authority, responsible for regulating financial services in International Financial Services Centres (IFSCs) in India. IIBX: India International Bullion Exchange IFSC Ltd., a platform for trading bullion. Foreign Trade (Development & Regulation) Act, 1992: The Act that empowers the Central Government to make provisions relating to import and export. Foreign Trade Policy 2023: The prevailing foreign trade policy of India. ITC (HS), 2022: Indian Trade Classification (Harmonised System) which specifies the classification of goods for import and export.
Official Source Record View Original Source →
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-11102023-249326 CG-DxLx-xEG-I1D1H1x0x2x0 23-249326 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (ii) PART II—Section 3—Sub-section (ii) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 4252] नई दिल्ली, बुधवार, अक्त बू र 11, 2023/आज‍व न 19, 1945 No. 4252] NEW DELHI, WEDNESDAY, OCTOBER 11, 2023/ASVINA 19, 1945 okf.kT; ,oa m|ksx ea=ky; ¼okf.kT; foHkkx½ ¼fon's k O;kikj egkfuns'kky;½ vf/klwpuk ubZ fnYYkh] 11 vDrcw j] 2023 la- 35@2023 fo k;% vkbZVhlh ¼,p,l½ 2022 dh vuqlwph&I ¼vk;kr uhfr½ ds v/;k; 71 ds rgr 'kkfey flYoj ds vk;kr dh uhfrxr 'krZ esa la'kks/ku ds laca/k easA dk-vk- 4423¼v½.—le;≤ ij ;Fkk&la'kksf/kr fon's k O;kikj uhfr 2023 ds iSjk 1-02 vkSj 2-01 ds lkFk ifBr] fons'k O;kikj ¼fodkl ,oa fofu;eu½ vf/kfu;e] 1992 dh /kkjk 3 vkSj /kkjk 5 }kjk iznÙk 'kfDr;ks a dk iz;ksx djrs gq,] dsUnz ljdkj ,rn}kjk vkbZVhlh ¼,p,l½ 2022 dh vuqlwph&I ¼vk;kr uhfr½ ds v/;k; 71 ds ,p,l dksM 71069110 vkSj 71069290 ds varxZr flYoj ds vk;kr dh uhfrxr 'krksZa dks fuEukuqlkj la'kksf/kr djrh gS% vkbZVhlh ¼,pl½ en vk;kr ekStwnk uhfrxr 'krZ la'kksf/kr uhfrxr 'kr Z dksM fooj.k uhfr 71069110 xzsUl izfrcaf/kr vk;kr dsoy vkjchvkbZ ¼cSadks a ds vk;kr dsoy vkjchvkbZ ¼cSadks a ds ekey s eas½ vkSj Mhth,QVh ¼vU; ekey s eas½ vkSj Mhth,QVh ¼vU; ,tsfal;ks a gsrq½ }kjk ;Fkk ,tsfal;ks a gsrq½ }kjk ;Fkk&vf/klwfpr vf/klwfpr ukfer ,tsfal;ks a ds dsoy ukfer ,tafsl;ksa ds ek/;e ls ek/;e ls vuqer gSA ,;w 'krZ ds vkSj bafM;k baVjus'kuy cqfy;u lkFk ykblsUl ds eís ,Dlpast ¼vkbZvkbZch,Dl½ ds ek/;e 6434 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] fjQkbufj;ks a }kjk flYoj Mkjs s dk ls vk;kr ds fy, vkbZ,Q,llh, vk;kr fd;k tk ldrk gSA }kjk ;Fkk&vf/klwfpr vgZrkizkIr TosylZ }kjk vk;kr vuqer gSA ,;w 'krZ ds lkFk ykblsUl ds eís fjQkbufj;ks a }kjk flYoj Mkjs s dk vk;kr fd;k tk ldrk gSA 71069290 vU; izfrcaf/kr vk;kr dsoy vkjchvkbZ ¼cSadks a ds vk;kr dsoy vkjchvkbZ ¼cSadks a ds ekey s eas½ vkSj Mhth,QVh ¼vU; ekey s eas½ vkSj Mhth,QVh ¼vU; ,tsfal;ks a gsrq½ }kjk ;Fkk ,tsfal;ks a gsrq½ }kjk ;Fkk&vf/klwfpr vf/klwfpr ukfer ,tsfal;ks a ds dsoy ukfer ,tafsl;ks a ds ek/;e ls ek/;e ls vuqer gSA vkSj bafM;k baVjus'kuy cqfy;u ,Dlpsta ¼vkbZvkbZch,Dl½ ds ek/;e ls vk;kr ds fy, vkbZ,Q,llh, }kjk ;Fkk&vf/klwfpr vgZrk izkIr TosylZ }kjk vuqer gSA 2- vf/klwpuk dk izHkko% vkjchvkbZ ¼caSdks a ds ekey s eas½ }kjk ;Fkk&vf/klwfpr ukfer ,tsfal;ka s vkSj Mhth,QVh }kjk vf/klwfpr ukfer ,tsfal;ks a ds vykok] varjjk"Vªh; foÙkh; lsok dsUnz izkf/kdj.k ¼vkbZ,Q,llh,½ }kjk ;Fkk&vf/klwfpr vgZrk izkIr TosylZ dks bafM;k baVjus'kuy cqfy;u ,Dlpsta ¼vkbZvkbZch,Dl½ vkbZ,Q,llh fy- ds ek/;e ls Åij mfYyf[kr fof'k"V vkbZVhlh ¼,p,l½ dksMksa ds rgr flYoj dk vk;kr dju s dh vuqefr gksxhA bls okf.kT; ,oa m|ksx ea=h ds vuqeksnu ls tkjh fd;k tkrk gSA [Qk- la- 01@89@180@36@,,e 11@ihlh&2[d]@bZ&1678] Lkarks"k dqekj lkjxa h] egkfun's kd fons'k O;kikj ,oa inus vij lfpo MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) (DIRECTORATE GENERAL OF FOREIGN TRADE) NOTIFICATION New Delhi, the 11th October, 2023 No. 35/2023 Subject : Amendment in import policy condition of silver Covered under Chapter 71 of Schedule –I (Import Policy) of ITC (HS), 2022. S.O. 4423(E).—In exercise of powers conferred by Section 3 and Section 5 of Foreign Trade (Development &Regulation) Act, 1992, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy 2023, as amended from time to time, the Central Government hereby amends the import policy conditions for silver under HS codes 71069110 and 71069290 of Chapter 71 of Schedule-1(Import Policy) of ITC HS, 2022 as under: ITC (HS) Item Policy Existing policy condition Revised policy condition code Description 71069110 Grains Restricted Import is allowed only Import is allowed only through nominated through nominated agencies agencies as notified by RBI (in case of as notified by RBI (in case of banks), DGFT (for other agencies) and by banks) and DGFT (for other qualified jewellers as notified by the agencies). Silver dore can be IFSCA for import through India imported by refineries against International bullion Exchange (IIBX). a license with AU condition. Silver dore can be imported by refineries against a license with AU Condition. 71069290 Other Restricted Import is allowed only Import is allowed only through nominated through nominated agencies agencies as notified by RBI (in case of as notified by RBI (in case of banks), DGFT (for other agencies) and by[भाग II—खण् ड 3(ii)] भारत का रािपत्र : असाधारण 3 banks) and DGFT (for other qualified jewellers as notified by the agencies). IFSCA for import through India International bullion Exchange (IIBX). 2. Effect of the notification: In addition to nominated agencies as notified by RBI (in case of banks) and nominated agencies notified by DGFT, qualified jewellers as notified by International Financial Services Centres Authority (IFSCA) will be permitted to import Silver under above mentioned specific ITC(HS) codes through India International Bullion Exchange IFSC Ltd. (IIBX). This issue with the approval of Minister of Commerce & Industry. [F. No.01/89/180/36/AM-11/PC-2[A]/E-1678] SANTOSH KUMAR SARANGI, Director General of Foreign Trade & Ex-officio Addl. Secy Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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