Govt imposes curbs on gold imported in certain forms

New Delhi, Jun 19 (PTI) 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 form.

Colloidal precious metals are suspensions of gold or silver nanoparticles dispersed in liquid.

This was necessitated to regulate import of gold in the garb of chemical compounds, an official said.

According 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 notification.

Goods under this number include colloidal precious metals; inorganic or organic compounds of precious metals.

The official said that imports will be allowed for industrial and manufacturing sectors, including electronics, electrical and specialised chemical industry against an import authorization, thereby addressing the need of the domestic industry without disruption for actual use.

In 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 restricted.

This measure expands upon the existing restriction on the import of platinum to bring uniformity in the import policy governing precious metals and their alloys.

"At the same time, the policy facilitates trade by allowing free import of alloys containing less than 1 per cent gold, thereby ensuring continued availability of inputs for industrial and manufacturing sectors, including electronics, auto components, and specialised chemical industries, without disruption," the official said.

This calibrated approach balances trade facilitation with the need for regulatory oversight.

Gold imports in April-May this fiscal year dipped by 3.82 per cent to USD 5.64 billion. PTI RR HVA