Indian Government Imposes Curbs on Certain Types of Studded Gold Jewellery With Immediate Effect
The central government has imposed restrictions on the import of certain gold-studded jewellery and articles. Shipments those are coming into the country under the India-UAE Comprehensive Economic Partnership Agreement (CEPA), however, remain unrestricted.
New Delhi, June 12: The central government has imposed restrictions on the import of certain gold-studded jewellery and articles. The government though did not give any reasons behind such move.
Shipments those are coming into the country under the India-UAE Comprehensive Economic Partnership Agreement (CEPA), however, remain unrestricted, an official notification from the Directorate General of Foreign Trade (DGFT), dated June 11, said. Gold Price Today: Gold Touches All-Time High as Prices Rise to Over USD 2390 an Ounce, Check Rate in India.
"However import under a valid INDIA-UAE CEPA TRQ shall be permitted without restricted import authorization," DGFT notification read. The notification to amend imports of these items from being free to now restricted will be with immediate effect. RBI Shifts 100 Tonnes of Gold From UK: Congress Leader P Chidambaram Says Reserve Bank of India’s Move To Shift 100 Tonnes Gold to India ‘Makes No Difference’ to Economy.
In July last year, DGFT amended the import policy for unstudded jewellery, and other articles made of gold to the "restricted" category from earlier "free". Putting a commodity in the "restricted" category essentially means that a proper license will be required from the relevant authorities to import.
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