Executive Summary:
This notification, issued by the Directorate General of Foreign Trade, amends the import policy for items under HS code 7108 12 00, specifically concerning gold dore. Effective November 30, 2018, the import policy of gold dore is now restricted. This amendment is made under the authority of the Foreign Trade (Development and Regulation) Act, 1992, and the Foreign Trade Policy 2015-2020.
Key Points / Main Content:
* **Amendment Authority:**
* The amendment is issued under Section 3 of the Foreign Trade (Development and Regulation) Act, 1992, read with paragraphs 1.02 and 2.01 of the Foreign Trade Policy 2015-2020.
* **HS Code and Item Description:**
* The amendment concerns items under HS code 7108 12 00 (Other unwrought forms).
* **Import Policy Change:**
* The import policy for gold dore is now restricted.
* The import of items under HS code 7108 12 00 remains subject to RBI regulations.
Impact Analysis:
* **Importers of Gold Dore:**
* Impact: Importation of gold dore is now subject to restrictions.
* Action Required: Comply with the new import restrictions for gold dore, which are not specified in the document.
* **Reserve Bank of India (RBI):**
* Impact: Continued regulatory oversight on the import of items under HS code 7108 12 00.
* Action Required: Enforce regulations related to the import of items under HS code 7108 12 00, as required.
Key Entities Referenced
Directorate General of Foreign Trade: The issuing authority of the notification, responsible for foreign trade regulation.
New Delhi: The location where the notification was issued. New Delhi, Delhi
Foreign Trade Policy 2015-2020: A key policy document governing foreign trade, which this notification amends.
Foreign Trade Development and Regulation Act, 1992: The legal basis for the powers exercised in the notification.
ITC HS, 2017, Schedule I Import Policy: The classification system and import policy schedule being amended.
HS code 7108 12 00: The specific Harmonized System code for the items whose import policy is being amended.
RBI Regulations: Regulations set by the Reserve Bank of India relevant to the import of specified items.
Gold Dore: The specific item (gold in unwrought form) whose import policy is being laid down as Restricted.
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6933 GI/2018 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
MINISTRY OF COMMERCE AND INDUSTRY
(DEPARTMENT OF COMMERCE)
(DIRECTORATE GENERAL OF FOREIGN TRADE)
NOTIFICATION
New Delhi, the 30th November, 2018
No. 45 /2015-2020
Subject: Amendment of import policy of items under HS code 7108 12 00 under ITC (HS), 2017, Schedule – I
(Import Policy).
S.O. 5881 (E):— In exercise of powers conferred by Section 3 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 import policy of items under HS code 7108 12 00 under ITC (HS), 2017 Schedule – I (Import Policy).
Exim Code Item Description Policy Policy Conditions Revised Policy Condition
7108 12 00 Other unwrought forms Free Subject to RBI Subject to RBI Regulations.
Regulations.
However, import policy of Gold
Dore is “Restricted”
2. Effect of the Notification: Import policy of gold-dore is laid down.
This issues with the approval of Minister of Commerce & Industry.
[F.No. 1/89/180/36/AM-11/PC-2 (A)/e 1679]
ALOK VARDHAN CHATURVEDI, Director General of Foreign Trade
& Ex-Officio Add. 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.