Subject: Amendment in import policy conditions of gold and silver under Chapter 71 of ITC (HS), 2017, Schedule - I (Import Policy).

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 the import policy with conditions of gold in any form, other than monetary gold and silver in any form under Chapter 71 of ITC (HS), 2017, Schedule - I (Import Policy).

2. Import of gold under Advance Authorisation and supply of gold directly by foreign buyers to exporters under para 4.45 of FTP against export orders are exempted from the amended provisions.

Explanation: 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). Such imports can be made only by nominated agencies as notified by RBI (in case of banks) and DGFT (in case of others).

Effect of the Notification: Import policy of gold in any form, other than monetary gold and silver in any form, is amended from 'Free' to 'Restricted'; import is allowed only through nominated agencies as notified by RBI (in case of banks) and DGFT (for other agencies). However, Import under Advance Authorisation and supply of gold directly by the foreign buyers to exporters under para 4.45 of FTP against export orders are exempted.

This issues with the approval of Minister of Commerce & Industry.

(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)/Vol. IV/e-1717)

Note: The principal notification No. 36/2015-2020, dated the 17th January, 2017 was published in the Gazette of India, Extraordinary vide number S.O. 172 (E), dated the 17th January, 2017.