New Delhi: India on Tuesday imposed restrictions on the import of certain gold jewellery and articles except those coming under the India-UAE Comprehensive Economic Partnership Agreement (CEPA).
In a notification, the Directorate General of Foreign Trade (DGFT) brought gold jewellery studded with pearls, diamonds and precious & semi-precious stones in the ‘restricted’ category from ‘free’ with immediate effect which means their import will require a government permit.
“However import under a valid INDIA-UAE CEPA TRQ (tariff rate quota) shall be permitted without restricted import authorisation,” DGFT said in a notification.
Gold imports attract 15% duty.
Industry sources said that the restrictions have been imposed in light of a rise in imports from Indonesia under the India-ASEAN free trade agreement wherein some articles of gold were coming duty free and being melted in India to make jewellery. The move will discourage imports of these items from Tanzania.
