Executive Summary:
This notification amends the import policy conditions for gold under Chapter 71 of Schedule I of the ITC HS, 2017. It allows qualified jewelers notified by IFSCA to import gold through the India International Bullion Exchange (IIBX), in addition to existing nominated agencies. The existing policy conditions for specific ITCHS codes remain unchanged.
Key Points / Main Content:
* **Amendment Overview:**
* 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 are amended.
* **Import Through IIBX:**
* Qualified jewelers notified by the International Financial Services Centres Authority (IFSCA) are now permitted to import gold under specific ITCHS codes through the India International Bullion Exchange (IIBX).
* **Existing Policy Conditions:**
* No changes to the existing policy conditions for the following ITCHS codes: 71061000, 71069210, 71069290, 71081100 and 71081300.
* Gold dore can be imported by refineries against an import license with AU condition under ITCHS codes 71069100 and 71081200.
* **Advance Authorisation and Foreign Buyers:**
* Import of gold/silver under Advance Authorisation and supply of gold/silver directly by foreign buyers to exporters against export orders will continue to be governed by the relevant Foreign Trade Policy (FTP) provisions.
* **Definition of Gold:**
* The expression "Gold in any form" includes gold in any form above 22 carats under Chapter 71 of ITC HS, 2017.
Impact Analysis:
* **RBI Nominated Agencies:**
* Impact: Continue to be authorized to import gold as per existing policy.
* Action Required: No new action required.
* **DGFT Nominated Agencies:**
* Impact: Continue to be authorized to import gold as per existing policy.
* Action Required: No new action required.
* **Qualified Jewelers (Notified by IFSCA):**
* Impact: Now permitted to import gold through IIBX under specific ITCHS codes.
* Action Required: Must comply with IFSCA notification requirements and utilize the IIBX for imports.
* **Refineries:**
* Impact: Can import Gold Dore against license with AU condition
* Action Required: Must obtain import license with AU condition for Gold Dore.
* **Exporters:**
* Impact: Import of gold/silver under Advance Authorisation and supply of gold/silver directly by foreign buyers to exporters against export orders will continue to be governed by the relevant Foreign Trade Policy (FTP) provisions.
* Action Required: Adhere to existing FTP provisions for Advance Authorisation and direct supply.
Key Entities Referenced
Directorate General of Foreign Trade: A department under the Ministry of Commerce and Industry responsible for implementing foreign trade policy.
ITC HS, 2017, Schedule I Import Policy: Indian Trade Classification based on Harmonized System of coding, 2017, Schedule I Import Policy, which defines the import policy conditions.
FTDR Act, 1992: Foreign Trade (Development and Regulation) Act, 1992, the legislation that confers powers related to foreign trade.
Foreign Trade Policy, 20152020: The Foreign Trade Policy for the period 2015-2020, which outlines guidelines and objectives for promoting exports and regulating imports.
Reserve Bank of India: The central bank of India, referred to in the context of nominated agencies for gold import.
India International Bullion Exchange IFSC Ltd. IIBX: An exchange within the International Financial Services Centre (IFSC) that facilitates trade in bullion.
International Financial ServicesCentres Authority IFSCA: The regulatory authority for International Financial Services Centres (IFSCs) in India, which will notify qualified jewellers for gold imports.
Ministry of Commerce Industry: The government ministry responsible for formulating and implementing policies related to commerce and industry.
To be published in the Gazette of India Extraordinary Part-II, Section-3, Sub-Section (it)
Government of India
Ministry of Commerce & Industry
Department of Commerce
Directorate General of Foreign Trade
Notification No. 49/2015-2020
New Delhi, Dated: 5" January, 2022
Subject: Amendment in import policy conditions of gold under Chapter 71 of Schedule — I (Import
Policy) of ITC (HS), 2017
S.O. (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
Code Description Condition Revised Policy Condition
Import is allowed only
through nominated
agencies as notified by No change in existing Policy
71061000 Powder Restricted] RBI (in case of banks) and Condition
DGFT (for other
agencies).
Import is allowed only
Unwrought: through nominated
Te? Le Grains agencies as notified by RBI
(in case of banks) and No ch in existing Poli
Restricted DGFT (for other agencie. s). o chang Ce o i nn d ie txi is ot ning Policy
Unwrought: Silver dore can be imported
meen Others by refineries against a
license with AU condition.
Import is allowed only
Sheets, plates, tshs enelehs as perimna tbeyd No change in existing Policy
71069210) strips, alae and |Restricted! RBI (in case of banks) and Condition
Pip DGFT(for other agencies).
Import is allowed only
eho as sae he No change in existing Policy
71069290 Other Restricted RET Gn case of banks) and Condition
DGFT(for other agencies).
Import is allowed only
through nominated . ae .
agencies as notified by No change in existing Policy
71081100 Powder Restricted RBI Gin case of banks).and Condition
DGFT (for other
agencies),Import is allowed only Import is allowed only through
through nominated {nominated agencies as notified by RBI
agencies as notified by |(in case of banks), DGFT (for other
RBI (in case of banks) and Jagencies) and IFSCA(for qualified
Other DGFT (for other [jewellers through India International
71081200} unwrought |Restricted aBOOGIER), Ebon Esickanee)
poe Gold dore can be imported Gold Dore can be imported by
by refineries against a |fefineries against an import license
license with AU {with AU condition.
condition,
Import is allowed only
through nominated
Other semi- agencies as notified by No change in existing Policy
71081300| manufactured |Restricted] RBI (in case of banks) and Condition
forms DGFT (for other
agencies).
Import is allowed only |Import is allowed only through
through nominated nominated agencies as notified by RBI
agencies as notified by \(in case of banks), DGFT (for other|
71189000 Other Restricted] RBI (in case of banks) and Jagencies) and IFSCA(for qualified
DGFT (for other jewellers through India International
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
ServicesCentres 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.
Ve —— \otlreo 22.
os
(Amit Yadav)
Director General of Foreign Trade&
Ex- officio Addl. Secretary to the Government of India
(F.No.01/89/180/36/AM-11/PC-2(A)/ E-1678)