New Delhi: The government on Wednesday announced curbs on imports of gold, platinum and silver jewellery with immediate effect, a move aimed at checking misuse of free trade agreements (FTAs).
These restrictions will operate irrespective of any prior contract, irrevocable letter of credit, advance payment, shipment status, or any other commitment, the Directorate General of Foreign Trade (DGFT) said in a notification.
Accordingly, it said, the benefit of transitional arrangements shall not be available.
“The Import Policy of items under CTH (customs tariff heading) 7113 is revised from ‘Free’ to ‘Restricted’ with immediate effect,” it said.
Articles of gold, silver and platinum jewellery are covered under this heading. Importers of these goods would now need permission or a license from the DGFT.
