Measures to restrict the import of Gold

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....easures to restrict the import of Gold <br>News and Press Release<br>Dated:- 25-7-2018<br><BR>The Government has introduced the following measures to restrict the import of gold in the country: i. Imposition of restriction on duty free gold imports from the South Korea as allowed under the existing India-Korea CEPA. ii. Imposition of self-use condition on Premiere Trading House and Star Trading ....

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....House authorised to import precious metal (gold) directly from overseas bullion supplier (DGFT Notification No. 34/2015-20 dated 18.10.2017). iii. Issuances of Trade Notice by DGFT for grant of licence for import of Gold to the refinery who holds a valid license from BIS (DGFT Trade Notices No.4 dated 21.04.2017 and No. 14 dated 24.08.2017). iv. Restriction imposed on export of gold jewellery an....

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....d articles, including medallions and coins (excluding legal tenders) of purity above 22 carats. (DGFT Notification No. 21/2015-20 dated 14.08.2017). The above measures have yielded the desired results with 31.25% reduction in the import of gold and 4.29% reduction in import of gold & other precious metal jewellery during the current year (Apr-May 2018) over the corresponding period of the previou....

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....s year. India's import of gold and gold & other precious metal jewellery has increased by 22.31% and 727.51% respectively during the year 2017-18 over the year 2016-17. The details of import of gold and gold & other precious metal jewellery during last three years and the current year are as below: (Value in US$ millions) Years Gold % Change Gold & other precious metal jewellery % Change ....

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....2015-16 31770.74 -- 706.37 -- 2016-17 27518.03 -13.39 381.63 -45.97 2017-18 33657.21 22.31 3158.05 727.51 2017-18 (Apr-May) 8811.89 -- 126.21 -- 2018-19 (Apr-May)* 6058.28 -31.25 120.79 -4.29 Source: DGCI&S, Kolkata (*: Provisional) This information was given by the Minister of State of Commerce and Industry, C. R. Chaudhary, in a written reply in the Rajya Sabha today.<....

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....BR> News - Press release - PIB....