Government Imposes Restrictions On Import Of Gold, Silver

Amid rising inward shipments of gold, the government on Wednesday imposed restrictions on import of precious metals. According to a notification issued by the Directorate General of Foreign Trade (DGFT), import of gold in any form has been placed in “restricted” category from the “free” category.

“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),” the directorate said.

However, import under advance authorisation and supply of gold directly by the foreign buyers to exporters against orders have been exempted.

The restrictions come in the backdrop of rising imports of gold, which rose by 6.59 per cent to USD 2.94 billion in November from USD 2.76 billion a year-ago.