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Economic Times
2 days ago
- Business
- Economic Times
Govt imposes import curbs on certain colloidal precious metals
The government has tightened import rules on specific colloidal precious metals. This move aims to curb the illegal entry of gold into India in liquid form. The Directorate General of Foreign Trade issued a notification revising the import policy. Palladium, Rhodium and Iridium alloy consisting of gold import is also restricted. Gold imports saw a slight dip in April-May. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The government has imposed import curbs on certain colloidal precious metals , with an aim to check the illegal inflow of gold into India in liquid precious metals are suspensions of gold or silver nanoparticles dispersed in a to industry experts, some importers were using this route for imports from countries like Thailand "The import policy of items covered under CTH 2843 is revised from free to restricted with immediate effect," the directorate general of foreign trade said in a under this number include colloidal precious metals; inorganic or organic compounds of precious a separate notification, the Directorate said that the import of Palladium, Rhodium and Iridium alloy consisting of gold more than one per cent by weight is imports in April-May this fiscal year dipped by 3.82 per cent to USD 5.64 billion.
Economic Times
2 days ago
- Business
- Economic Times
New curbs on gold import: Restrictions placed on certain forms of yellow metal
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The government has put in place restrictions on the import of specific colloidal precious metals to curb the unlawful entry of gold into India in liquid form, reports said on June may be noted here that colloidal precious metals refer to mixtures where nanoparticles of gold or silver are suspended in a an announcement, the Directorate General of Foreign Trade indicated that the import policy for items classified under CTH 2843 has been changed from free to restricted, effective to specialists and industry insiders, certain importers were exploiting this method to bring in goods from nations such as classification includes colloidal precious metals as well as both inorganic and organic compounds of precious another announcement, the Directorate specified that the importation of alloys containing Palladium, Rhodium, and Iridium which contain more than one percent gold by weight is now the months of April and May this fiscal year, gold imports saw a decline of 3.82 per cent, totaling $5.64 billion.
Time of India
2 days ago
- Business
- Time of India
New curbs on gold import: Restrictions placed on certain forms of yellow metal
The government has put in place restrictions on the import of specific colloidal precious metals to curb the unlawful entry of gold into India in liquid form, reports said on June 19. It may be noted here that colloidal precious metals refer to mixtures where nanoparticles of gold or silver are suspended in a liquid. In an announcement, the Directorate General of Foreign Trade indicated that the import policy for items classified under CTH 2843 has been changed from free to restricted, effective immediately. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Invertir $250 en Cervecería Nacional CFD podría devolverte un segundo salario Mercados de Capital According to specialists and industry insiders, certain importers were exploiting this method to bring in goods from nations such as Thailand. This classification includes colloidal precious metals as well as both inorganic and organic compounds of precious metals. Live Events In another announcement, the Directorate specified that the importation of alloys containing Palladium, Rhodium, and Iridium which contain more than one percent gold by weight is now restricted. During the months of April and May this fiscal year, gold imports saw a decline of 3.82 per cent, totaling $5.64 billion.
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.
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Business Standard
11-06-2025
- Business
- Business Standard
Centre sets up a new task force to boost country's textile exports
In a bid to enhance India's textile exports at a time when the country is signing trade deals with developed nations, the government has set up a new task force that will look into sector-specific bottlenecks such as regulatory hurdles, cost competitiveness and lack of enough export credit. Commerce Secretary Sunil Barthwal has been appointed as the chair of the task force with representation from officials of Department of Commerce, Ministry of Textiles, Directorate General of Foreign Trade, along with representatives from export promotion councils, industry associations and exporters. In its first meeting, the task force decided to set up several issue-specific sub-groups, which will be led by relevant ministries in coordination with export promotion councils and industry representatives. These sub-groups will provide actionable recommendations to the task force, the commerce and industry ministry said. The discussion touched upon a wide range of issues affecting the textile value chain. These included upgradation of Environmental, Social and Governance infrastructure in garment manufacturing, use of renewable energy in manufacturing, European Union's Deforestation Regulation (EUDR), strengthening e-commerce for export growth, labour issues, cost competitiveness for productivity enhancement, skilling, and branding. Participants also raised issues with export-related incentives such as RoDTEP (Remission of Duties and Taxes on Exported Products) and RoSCTL (Rebate of State and Central Taxes and Levies). They also sought collateral support for export credit for MSMEs. Stakeholders also discussed PM MITRA textile parks, development of new Jute Diversified Products (JDPs), separate harmonised system (HS) codes for Geographical Indication products, productivity enhancement for natural fibres such as jute and matters about the Export Promotion Mission.
