The government on Wednesday imposed restrictions on imports of certain gold jewellery and articles. In a notification, the directorate general of foreign trade (DGFT) amended the import policy for unstudded jewellery made of gold, and other articles made of gold to “restricted” from “free”.Restrictions mean that a license will be required from the government to import these goods though no such permission is required for imports under the India-UAE Comprehensive Economic Partnership Agreement (CEPA) tariff rate quota.“However, import under a valid India-UAE CEPA TRQ shall be permitted freely without any import license,” the DGFT said.Industry sources said that the restrictions have been imposed in light of a rise in imports from Indonesia under the India-ASEAN free trade agreement wherein some articles of gold were coming duty free and being melted in India to make jewellery.In April-May FY24, India imported $112.09 million of these products of which $76.28 million came from Indonesia.Gold imports attract 15% duty.Imports of pearls, precious and semi-precious stones dipped 25.36% to about $4 billion during April-May this fiscal. Gold imports contracted around 40% to $4.7 billion in the same period.Read more at:https://economictimes.indiatimes.com/news/economy/foreign-trade/govt-imposes-import-restrictions-on-certain-gold-jewellery-articles/articleshow/101706028.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst (ICE MUMBAI)

Fonte notizia: The Economic Times