Latest news with #DGFT
India Gazette
2 days ago
- Business
- India Gazette
Govt imposes import restrictions on certain gold-containing precious metal alloys to prevent gold imports in disguised form
New Delhi [India], June 20 (ANI): The Ministry of Commerce and Industry has announced new import restrictions on certain precious metal alloys containing gold, as well as colloidal metals and chemical compounds. These steps have been taken to strengthen regulatory oversight and prevent misuse of trade channels for importing gold in disguised forms. The ministry in a statement stated that it 'has issued Notification No. 18/2025-26 dated 17th June 2025, to restrict import of alloys of Palladium, Rhodium, and Iridium containing more than 1 per cent gold by weight'. In an official notification dated June 17, 2025, the Directorate General of Foreign Trade (DGFT) issued Notification No. 18/2025-26 to restrict the import of alloys. This move is part of a broader strategy to regulate the import of precious metals and their alloys. This restriction expands the existing rule that earlier applied only to platinum, as outlined in Notification No. 60/2024-25 dated March 5, 2025. With this update, the government has now brought the entire Customs Tariff Heading (CTH) 7110 under the restricted import category at the 4-digit level. This ensures a uniform and consistent policy framework for all precious metals and their related alloys. However, the government has adopted a balanced approach by allowing the free import of alloys containing less than 1 per cent gold. This provision ensures that industrial and manufacturing sectors, including electronics, auto components, and specialised chemical industries, are not impacted. The aim is to maintain the smooth availability of essential raw materials while also keeping a check on gold misuse. In a separate notification, DGFT also issued Notification No. 19/2025-26 on the same date to restrict imports of colloidal metals and chemical compounds classified under CTH 2843. This measure was necessary to prevent the import of gold disguised as chemical compounds. To avoid disruptions for genuine industrial users, the import of these colloidal metals and compounds will be permitted against import authorisation for sectors such as electronics, electrical, and specialised chemical industries. This ensures that the needs of domestic industries are met without loopholes being exploited. The government's recent measures reflect a calibrated trade policy approach, balancing the ease of doing business for industry with tighter control to curb irregular gold imports. (ANI)
Mint
3 days ago
- Business
- Mint
Mint Impact: India plugs the loophole that allowed gold importers to evade duty
India has placed gold compounds and 12 other items in the restricted trade category to curb evasion of import duty. The Directorate General of Foreign Trade (DGFT) has amended its import policy, moving gold compound (HS code 28433000) from 'free' to 'restricted' list, according to a notification on 18 June. Which means, importers will now need a licence from the DGFT to bring such compounds into the country. Also Read | Gold is nearing ₹1 lakh, but experts believe there's still room to grow Mint reported on 12 June how importers were using a loophole to bring in gold compounds–also called liquid gold–instead of actual gold and saving up on the 6% duty. Gold compounds, used in industrial applications, attract no duty if imported from the UAE, Japan and Australia, which have trade pacts with India. Imports of such compounds soared 9.25 times over a year earlier and 2.84 times quarter-on-quarter to 69,879kg in the January-March period, showed data from the Directorate General of Commercial Intelligence and Statistics (DCGIS). That's equivalent to $1.29 billion worth of gold imports. By comparison, actual gold shipments fell 51.2% sequentially and 0.9% over a year earlier to $9.5 billion in Q4 FY25. Also Read | Gold is back under pressure after a stunning surge. What's driving the dip? The government lost ₹906 crore in customs duty in FY25 because of import of gold compounds instead of actual gold, according to Mint's calculations. According to data from the DGFT, around 87% of the gold compound imports came from the UAE, Japan and Australia. Till now, any individual could import liquid gold without any questions asked on its end use. Also Read | Gold surpasses Euro as second-largest global reserve asset, ECB says In a separate notification, the DGFT put palladium, rhodium and iridium alloy with more than 1% gold under the restricted category. According to the Customs Tariff Act, an alloy with platinum in excess of 2% qualifies as a 'platinum alloy'. But importers were bringing in an alloy with just 2% platinum and 98% gold, and avoiding duty on the yellow metal. Likewise, importers could bring in alloys with traces of palladium, rhodium or iridium, and avoid duty by disclosing them as alloys.
Time of India
4 days ago
- Business
- Time of India
Centre greenlights export of 25,000 tonnes pharma-grade sugar
New Delhi: The government on Tuesday allowed the export of up to 25,000 tonnes of pharma-grade sugar per financial year under the restricted category. Only bona fide pharmaceutical exporters will be allowed to avail the opportunity. Pharma-grade sugar is a high-quality product manufactured as per specific standards and is used by drug makers. "Export of pharma grade sugar, up to a total of 25,000 MTs per financial year, shall be permitted to bona fide pharma exporters against a restricted export authorisation," the DGFT said. In a separate trade notice, the DGFT said that it has added 'Source from India' feature on the Trade Connect ePlatform , which is a hub of information and services on international trade with all related stakeholders including Indian missions abroad, export promotion councils, EXIM Bank and the commerce ministry. Economic Times WhatsApp channel )
Time of India
4 days ago
- Business
- Time of India
Govt permits exports of up to 25,000 tn of pharma grade sugar per fiscal under restricted category
The government on Tuesday allowed the export of up to 25,000 tonnes of pharma-grade sugar per financial year under the restricted category. The permission will be given only to bona fide pharmaceutical exporters . "Export of pharma grade sugar , up to a total of 25,000 MTs per financial year, shall be permitted to bona fide pharma exporters against a restricted export authorisation," according to a notification issued by the Directorate General of Foreign Trade ( DGFT ). by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Seniors Born 1939-1969 Receive 9 Benefits This Month If They Ask Marthas Money Learn More Undo Pharma-grade sugar is a high-quality product manufactured by following specific standards. In a separate trade notice, the DGFT said that it has added 'Source from India' feature on Trade Connect ePlatform . Live Events The platform acts as a comprehensive hub of information and services on international trade with all related stakeholders including Indian Missions Abroad , Export Promotion Councils, EXIM Bank, Dept of Commerce, DGFT. This feature would be a one-stop reference point for international buyers to discover accomplished Indian Exporters to source from. "The feature allows exporters to create their own micropages where they can provide their product details as well as the credentials of their entity," it added. Indian Missions Abroad have also been duly sensitised to use Source from India as a reference point for addressing the sourcing needs of foreign buyers approaching the missions for requests to help find Indian suppliers for various products.
India Gazette
7 days ago
- Business
- India Gazette
'Source from India' feature on Trade Connect ePlatform made available for all status holder exporters
New Delhi [India], June 15 (ANI): The Directorate General of Foreign Trade (DGFT) has made available 'Source from India' micropage hosting service on the 'Trade Connect ePlatform' to all status holder exporters. Trade Connect ePlatform ( was launched earlier to serve as a comprehensive hub of information and services on international trade with all related stakeholders, including Indian Missions Abroad, Export Promotion Councils, EXIM Bank, Department of Commerce, and DGFT. 'Source from India' is a flagship feature on the Trade Connect ePlatform, which was introduced to be a one-stop reference point for international buyers to discover accomplished Indian exporters from whom to source. The feature allows exporters to create their own macrophages, where they can provide their product details and their entity's credentials. 'Micropages of the exporters are publicly made visible on 'Source from India' page of Trade Connect ePlatform ( once approved,' according to DGFT. To start with, Three-, Four- and Five-star Manufacturer exporters had been previously invited to create their 'Source from India' micropages on a pilot basis. 'It is now informed that the Source from India micropage hosting service on Trade Connect ePlatform will be available to all Status Holder exporters (with valid Import Export Code not in (Denied Entity List)). Further broad basing of availability of the service to other IEC holders will be done going forward and changes will be notified once implemented,' DGFT said this week in a notification. As per the DGFT definition, Status Holders are business leaders who have excelled in international trade and have successfully contributed to the country's foreign trade. DGFT said Indian missions abroad have also been duly sensitised to use 'Source from India' as a reference point for addressing the sourcing needs of foreign buyers who approach the missions with requests to help find Indian suppliers for various products. Export Promotion Councils and Industry associations are also requested to inform their members about the same and encourage participation of all eligible members. (ANI)
