Executive Summary:
This notification amends Para 4.32i of Chapter 4 of the Foreign Trade Policy 2015-20, effective November 30, 2018. The amendment permits the export of gold religious idols (gods and goddesses only) of 8 to 24 carats from the domestic tariff area, subject to specific conditions.
Key Points / Main Content:
Amendment to Foreign Trade Policy 2015-20:
Para 4.32i of Chapter 4 is revised.
Revised Export Permissions:
Gold jewellery (including partly processed items, medallions, and coins excluding legal tender) containing 8-22 carat gold is permitted for export.
Gold religious idols (gods and goddesses only) of 8-24 carats are now permitted for export.
Conditions for Export of Gold Religious Idols:
Exports are subject to 100% examination by an Approved Government Valuer.
Foreign remittance must be realized within 3 months from the export date.
Exporters must submit a confirmed export order before exporting.
A distinction must be made between a religious idol and a simply molded gold article.
Exports are only allowed by actual manufacturers of such idols.
Other Permitted Items:
Findings like posts, push backs, and locks used in jewellery, containing 3-22 carat gold, are permitted for export.
Impact Analysis:
Exporters of Gold Jewellery and Religious Idols:
Impact: New export opportunities for gold religious idols, subject to meeting specific conditions.
Action Required: Ensure compliance with new conditions, including government valuation, remittance timelines, confirmed export orders, and proof of manufacturing.
Government Valuers:
Impact: Increased responsibility for examining gold religious idol exports.
Action Required: Conduct 100% examination of gold religious idol exports.
Ministry of Commerce and Industry/Directorate General of Foreign Trade:
Impact: Responsible for implementing and overseeing the amended policy.
Action Required: Monitor compliance with the new regulations and address any issues arising from the implementation of the amended policy.
Key Entities Referenced
Foreign Trade Policy 2015-2020: A trade policy implemented by the Indian government, which is being amended by this notification.
Directorate General of Foreign Trade: The organization responsible for implementing and regulating foreign trade policies in India.
Foreign Trade Development and Regulation Act 1992: An Indian legislation that empowers the Central Government to formulate and implement foreign trade policies.
Ministry of Commerce and Industry: The Indian government ministry responsible for the formulation and implementation of foreign trade policy.
New Delhi: The location of issuance for the notification, likely referring to New Delhi, Delhi, India.
Alok Vardhan Chaturvedi: Director General of Foreign Trade and ex-officio Additional Secretary
Gold jewellery: A commodity whose export regulations are being amended in the notification
domestic tariff area: The area to allow export of Gold idols only gods and goddess of 8 carats and above up to 24 carats
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MINISTRY OF COMMERCE AND INDUSTRY
(Department of Commerce)
(DIRECTORATE GENERAL OF FOREIGN TRADE)
(POLICY 4 SECTION)
NOTIFICATION
New Delhi the 30th November, 2018
No. 44/2015-2020
Subject: Amendment in Para 4.32(i) of Chapter 4 of the Foreign Trade Policy 2015-20.
S.O. 5879(E).—In exercise of powers conferred by Section 5 of FT(D&R) Act, 1992, read with
paragraph 1.02 of the Foreign Trade Policy, 2015-20, as amended from time to time, the Central Government
hereby makes following amendment in Para 4.32(i) of Chapter 4 of Foreign Trade Policy 2015-20.
2. Existing Para 4.32(i) of FTP 2015-20:-
“Gold jewellery, including partly processed jewellery and articles including medallions and coins
(excluding legal tender coins), whether plain or studded, containing gold of 8 carats and above up to
maximum limit of 22 carats.
The Findings like posts, push backs, locks which help in collating the jewellery pieces together,
containing gold of 3 carats and above up to a maximum limit of 22 carats.”
The amended Para 4.32 (i) of FTP 2015-20:-
“Gold jewellery, including partly processed jewellery and articles including medallions and coins
(excluding legal tender coins), whether plain or studded, containing gold of 8 carats and above up to
maximum limit of 22 carats.
Gold religious idols (only gods and goddess) of 8 carats and above (up to 24 carats) subject to the
following conditions:
(i) Exports would be subject to 100% examination by the Approved Government Valuer.¹Hkkx IIµ[k.M 3(ii)º Hkkjr dk jkti=k % vlk/kj.k 3
(ii) Foreign remittance has to be realised within a period of 3 months from the date of export.
(iii) Exporters must submit confirmed export order before effecting export.
(iv) Distinction must be made between a religious idol and simply moulded gold article/ idol.
(v) Exports may be allowed only by actual manufacturers of such idols.
The Findings like posts, push backs, locks which help in collating the jewellery pieces together,
containing gold of 3 carats and above up to a maximum limit of 22 carats.”
3. Effect of this Notification: Para 4.32(i) of Chapter 4 of the Foreign Trade Policy 2015-20 is amended
to allow export of Gold idols (only gods and goddess) of 8 carats and above (up to 24 carats) from domestic
tariff area.
[F. No.01/94/180/236/AM-19/PC-4]
ALOK VARDHAN CHATURVEDI, 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.