Gold in any form includes gold in any form above 22 carats under Chapter 71 of ITC (HS), 2017, Schedule – I (Import Policy).
September 4, 20210 Comments
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Gold in any form includes gold in any form above 22 carats under Chapter 71 of ITC (HS), 2017, Schedule – I (Import Policy).
Recently a notification is issued by the Ministry of Commerce clarifying the meaning of Gold. It has clarified that The expression ―Gold in any form includes gold in any form above 22 carats under Chapter 71 of ITC (HS), 2017, Schedule – I (Import Policy). Such imports can be made only by nominated agencies as notified by RBI (in case of banks) and DGFT (in case of others).
The copy of the notification is as under
MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) (DIRECTORATE GENERAL OF FOREIGN TRADE) New Delhi
Subject : Incorporation of Explanation in Notification No. 36/2015-2020 dated 18th December, 2019 – Reg.
S.O. 3594(E).—In exercise of powers conferred by Section 3 read with Section 5 of FT (D&R) Act, 1992, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy, 2015-2020, as amended from time-to-time, the Central Government hereby incorporates following explanation in the notification No. 36/2015-2020 dated 18th December, 2019, as under:
Explanation: The expression ―Gold in any form includes gold in any form above 22 carats under Chapter 71 of ITC (HS), 2017, Schedule – I (Import Policy). Such imports can be made only by nominated agencies as notified by RBI (in case of banks) and DGFT (in case of others).
This issues with the approval of the Minister of Commerce & Industry.
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