New Delhi, 20 June (IANS). Organizations of the Ministry of Commerce and Industry, Directorate General of Foreign Trade (DGFT), has banned the import of alloys of more than 1 percent gold palladium, rhodium and iridium according to weight.
According to a statement by the Ministry of Commerce, the measure expands the current ban on the import of platinum.
“This includes the entire custom tariff heading (CTH) 7110 at the 4 -digit level, which ensures uniformity in the import policy controlling precious metals and their alloys,” the statement said.
The statement further stated that this policy facilitates trade by allowing free imports of less than 1 percent of gold alloys, which ensures continuous availability of inputs without any disruption for industrial and manufacturing sectors including electronics, auto components and special chemical industry.
This calibrated approach balances business facility with the need for regulatory monitoring.
In addition, DGFT has issued a notification to ban the imports of colloidal metal and compound under CTH 2843.
This was necessary to regulate gold imports under the guise of chemical compound.
DGFT said, “Import will be allowed against the Import Authority for industrial and manufacturing sectors including electronics, electrical and special chemical industry to meet the domestic industry’s requirement for real use without any disruption.”
Meanwhile, the government has launched a dedicated ‘Global Tariff and Trade Helpsek’ to assist the country’s exporters and importers in navigating the emerging trade issues due to the recent increase in tariffs declared by the US.
Given the introduction of emerging trade scenario and various tariffs and counter-tariff measures, both new export opportunities and import pressure from specific countries or product sectors may increase.
‘Global Tariff and Trade Helpdesk’ considers imports and export challenges, bounce or dumping, exim clearance, logistics or supply chain challenges, financial or banking issues, regulatory or compliance issues and issues related to other issues or suggestions.
-IANS
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