**Report on Amendment to Import Policy Conditions for Gold (ITC HS, 2017)**
**1. Executive Summary:**
This report analyzes an amendment to the import policy conditions for gold under Chapter 71 of the ITC HS (Indian Trade Classification Harmonized System), 2017, Schedule I Import Policy. The core purpose of this amendment is to expand the entities authorized to import gold by including qualified jewellers notified by the International Financial Services Centres Authority (IFSCA) through the India International Bullion Exchange IFSC Ltd (IIBX). The key finding is that this amendment broadens participation in gold imports, potentially impacting the bullion market and jewelry industry.
**2. Introduction:**
This report aims to provide an informative overview of the amendment to the import policy conditions for gold under Chapter 71 of the ITC HS, 2017, Schedule I Import Policy, as published on January 5, 2022. The analysis is based solely on the provided policy text.
**3. Policy Overview:**
* This document is an amendment to the Foreign Trade Policy (FTP), 2015-2020, specifically paragraph 1.02 and 2.01.
* The core objective of the amendment, as inferred from the text, is to modify the import policy conditions for gold to allow for a wider range of participants in the import process.
**4. Background and Rationale:**
The amendment appears to address a need to broaden the entities allowed to import gold. The original policy, as implied in the document, limited imports to nominated agencies notified by the Reserve Bank of India (RBI) for banks and the Directorate General of Foreign Trade (DGFT) for other agencies. The amendment seeks to include qualified jewelers as notified by IFSCA to import gold through IIBX, suggesting a desire to increase competition and potentially reduce reliance on traditional import channels.
**5. Key Provisions / Changes:**
The amendment introduces the following key changes:
* **Specific Policy Change:** The existing import policy condition for ITC HS codes 71081200 and 71189000 is amended. Previously, import was allowed only through nominated agencies as notified by RBI in case of banks, DGFT for other agencies.
* **New Rule/Provision:** Qualified jewellers as notified by IFSCA will be permitted to import gold under specific ITCHS Codes through India International Bullion Exchange IFSC Ltd. (IIBX).
* **Difference/Effect:** The change adds qualified jewellers, notified by IFSCA and operating through IIBX, as eligible importers of gold under specific ITC HS codes (71081200 and 71189000) in addition to the nominated agencies previously authorized. This effectively widens the pool of entities permitted to import gold.
**6. Target Audience and Stakeholders:**
The direct target audience and stakeholders include:
* Qualified jewellers as notified by the International Financial Services Centres Authority (IFSCA).
* India International Bullion Exchange IFSC Ltd. (IIBX).
* Refineries importing silver and gold dore.
* RBI.
* DGFT.
* Entities currently operating as nominated agencies.
**7. Implementation Aspects (Inferred):**
* **Responsible Agencies/Bodies:** RBI, DGFT, and IFSCA are the responsible bodies for implementing this amendment. IFSCA is responsible for notifying qualified jewelers who can import through IIBX.
* **Procedures:** Qualified jewellers must be notified by IFSCA and import gold through the India International Bullion Exchange (IIBX) under specific ITC HS codes. Refineries that import gold Dore, will still need a license with AU condition.
* **Specific to the Change:** The IFSCA's role in notifying qualified jewelers is a new implementation aspect introduced by this amendment.
**8. Expected Outcomes / Impact of Changes:**
The likely intended outcomes of these changes are:
* Increased participation in the gold import market.
* Potential reduction in import costs for qualified jewellers accessing gold through IIBX.
* Increased activity and liquidity in the India International Bullion Exchange.
* Greater competition in the gold market.
**9. Conclusion:**
The amendment to the import policy conditions for gold under Chapter 71 of the ITC HS, 2017, is a significant change that expands the number of entities eligible to import gold. This is achieved by including qualified jewellers as notified by IFSCA through the India International Bullion Exchange IFSC Ltd (IIBX). The significance of this amendment lies in its potential to diversify the gold import market, enhance competition, and stimulate activity within the IIBX. This will allow for more access to gold imports for qualified jewellers which could help grow their business.
Key Entities Referenced
Foreign Trade Policy, 2015-2020: A trade policy amended from time to time, used as a reference in the notification.
Foreign Trade Development and Regulation Act, 1992: An act cited as the legal basis for the powers exercised in the notification.
Central Government: The issuer of the notification, amending import policy conditions.
ITC HS, 2017, Schedule I Import Policy: A classification system for goods, specifically Chapter 71 related to gold and silver, which is being amended.
RBI: Reserve Bank of India, mentioned as a notifying agency for nominated agencies through which import is allowed.
DGFT: Directorate General of Foreign Trade, mentioned as a notifying agency for nominated agencies through which import is allowed.
IFSCA: International Financial Services Centres Authority, will be permitted to import gold under specific ITCHS Codes
India International Bullion Exchange IFSC Ltd.: An exchange (IIBX) through which qualified jewellers can import gold.
Advance Authorisation: A scheme under which gold/silver import/export is governed by FTP provisions.
FTP: Foreign Trade Policy, the relevant provisions of which govern specific gold/silver import/export scenarios.
Minister of Commerce and Industry: The authority that approved the issuance of the notification.
Amit Yadav: Director General of Foreign Trade & Ex officio Addl. Secy.
New Delhi: Place of publication of the notification.
the 5th January, 2022: Date of publication of the notification.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एल.-अ.-05012022-232439
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CG-DL-E-05012022-232439
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असाधारण
EXTRAORDINARY
भाग II—खण् ड 3—उप-खण्ड (ii)
PART II—Section 3—Sub-section (ii)
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 66] नई दिल्ली, बुधवार, िनवरी 5, 2022/पौष 15, 1943
No. 66] NEW DELHI, WEDNESDAY, JANUARY 5, 2022/PAUSHA 15, 1943
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MINISTRY OF COMMERCE AND INDUSTRY
(Department of Commerce)
(DIRECTORATE GENERAL OF FOREIGN TRADE)
NOTIFICATION
New Delhi, the 5th January, 2022
No.49/2015-2020
Subject: Amendment in import policy conditions of gold under Chapter 71 of Schedule – I (Import Policy) of
ITC (HS), 2017
S.O. 67 (E).—In exercise of powers conferred by Section 3 read with Section 5 of FT (D&R) Act, 1992,
read with paragraph 1.02 and 2.01 of the Foreign Trade Policy, 2015-2020, as amended from time to time, the Central
Government hereby amends the import policy conditions for gold in any form, other than monetary gold and silver in
any form under Chapter 71 of ITC (HS), 2017, Schedule – I (Import Policy) as under:
ITC(HS) Item
Policy Existing Policy Condition Revised Policy Condition
Code Description
Import is allowed only
through nominated agencies
as notified by RBI (in case
71061000 Powder Restricted No change in existing Policy Condition
of banks) and DGFT (for
other agencies).
Import is allowed only
Unwrought: through nominated agencies
71069110
Grains as notified by RBI (in case of
banks) and DGFT (for other
agencies).
Restricted No change in existing Policy Condition
Unwrought:
71069190
Silver dore can be imported
Others
by refineries against a license
with AU condition.
Import is allowed only
Sheets, plates, through nominated agencies
71069210 strips, tubes and Restricted as notified by RBI (in case No change in existing Policy Condition
pipes of banks) and DGFT(for
other agencies).
Import is allowed only
through nominated agencies
71069290 Other Restricted as notified by RBI (in case No change in existing Policy Condition
of banks) and DGFT(for
other agencies).4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
Import is allowed only
through nominated agencies
71081100 Powder Restricted as notified by RBI (in case No change in existing Policy Condition
of banks) and DGFT (for
other agencies).
Import is allowed only Import is allowed only through nominated
through nominated agencies agencies as notified by RBI (in case of banks),
as notified by RBI (in case DGFT (for other agencies) and IFSCA(for
of banks) and DGFT (for qualified jewellersthrough India International
Other unwrought other agencies). Bullion Exchange)
71081200 Restricted
forms
Gold Dore can be imported by refineries
against an import license with AU condition.
Gold dore can be imported
by refineries against a
license with AU condition.
Import is allowed only
Other semi- through nominated agencies
71081300 manufactured Restricted as notified by RBI (in case No change in existing Policy Condition
forms of banks) and DGFT (for
other agencies).
Import is allowed only Import is allowed only through nominated
through nominated agencies agencies as notified by RBI (in case of banks),
as notified by RBI (in case DGFT (for other agencies) and IFSCA(for
71189000 Other Restricted
of banks) and DGFT (for qualified jewellersthrough India International
other agencies). Bullion Exchange).
**
2. Import of gold/silver under Advance Authorisation and supply of gold/silver directly by foreign buyers to
exporters under para 4.45 of FTP against export orders would continue to be governed by the relevant FTP provisions.
3. The expression “Gold in any form” includes gold in any form above 22 carats under Chapter-71 of ITC (HS),
2017, Schedule-I (Import Policy).
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 gold under specific ITC(HS) Codes through India International Bullion
Exchange IFSC Ltd. (IIBX). However, Import of gold/silver under Advance Authorisation and supply of gold/silver
directly by foreign buyers to exporters under para 4.45 of FTP against export orders would continue to be governed by
the relevant FTP provisions.
This issues with the approval of Minister of Commerce & Industry.
[F.No.01/89/180/36/AM-11/PC-2(A)/ E-1678]
AMIT YADAV, 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.