New curbs on gold import: Restrictions placed on certain forms of yellow metal
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The government has put in place restrictions on the import of specific colloidal precious metals to curb the unlawful entry of gold into India in liquid form, reports said on June 19.It may be noted here that colloidal precious metals refer to mixtures where nanoparticles of gold or silver are suspended in a liquid.In an announcement, the Directorate General of Foreign Trade indicated that the import policy for items classified under CTH 2843 has been changed from free to restricted, effective immediately.According to specialists and industry insiders, certain importers were exploiting this method to bring in goods from nations such as Thailand.This classification includes colloidal precious metals as well as both inorganic and organic compounds of precious metals.In another announcement, the Directorate specified that the importation of alloys containing Palladium, Rhodium, and Iridium which contain more than one percent gold by weight is now restricted.During the months of April and May this fiscal year, gold imports saw a decline of 3.82 per cent, totaling $5.64 billion.
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