Gold, silver, platinum: Centre imposes strict new import rules - details here
The Directorate General of Foreign Trade has implemented changes to India's import policy for precious metals, limiting access to gold, silver, and platinum to authorised entities, and adjusting HS codes for better regulation.
- May 21, 2025,
- Updated May 21, 2025 4:23 PM IST
In a significant regulatory shift, India has tightened its rules on the import of precious metals such as gold, silver, and platinum. The Directorate General of Foreign Trade (DGFT) announced these changes on 19 May 2025, aligning them with the Finance Act 2025. The revised policy imposes stricter regulations on who can import these metals and under what conditions, with an emphasis on standardising and updating Harmonised System (HS) codes to prevent misuse.
Gold import
Notably, gold in unwrought and semi-manufactured forms, previously freely importable, now falls under the "Restricted" category, necessitating government approval and adherence to authorised import channels.
Under the new framework, only entities nominated by the Reserve Bank of India (RBI) or the DGFT can import gold. Additionally, qualified jewellers recognised by the International Financial Services Centres Authority (IFSCA) can import through the India International Bullion Exchange (IIBX). Entities holding tariff rate quotas (TRQs) under the India-UAE Comprehensive Economic Partnership Agreement (CEPA) may also import via IIBX, provided they take delivery through IFSCA-registered vaults in Special Economic Zones. The import of gold dore, a semi-pure form of gold, remains permissible for licensed refineries under actual user conditions. To improve traceability and control, older HS codes such as 71081200 and 71081300 have been deleted.
Silver import
The import restrictions extend to silver bars, which were previously freely importable at 99.9% purity or higher but are now classified as "Restricted" under HS code 71069120. Imports can only be conducted through RBI-notified banks, DGFT-nominated agencies, and IFSCA-qualified jewellers via IIBX. However, semi-manufactured silver bars remain freely importable under RBI regulations. These changes are aimed at reducing unauthorised inflows and ensuring all imports of precious metals pass through formal and traceable channels.
Platinum imports
Platinum imports have also been revised. Highly pure unwrought platinum with a purity of 99% or more remains freely importable under HS codes 711011111 and 71101121. However, other forms of platinum are now "Restricted" and require prior authorisation. This reclassification intends to streamline import processes and prevent the misuse of HS codes, as redundant codes like 71101110 and 71101910 have been scrapped. These measures encourage the use of structured channels like the India International Bullion Exchange for all transactions involving precious metals.
The government's revised import policy seeks to create a formalised system for qualified jewellers and TRQ holders, encouraging transparency and security in bullion imports. The immediate implementation of these regulations is designed to foster a more traceable import process and deter unauthorised transactions. As a result, the use of the India International Bullion Exchange is expected to increase, providing a formal channel to manage precious metal inflows.
In a significant regulatory shift, India has tightened its rules on the import of precious metals such as gold, silver, and platinum. The Directorate General of Foreign Trade (DGFT) announced these changes on 19 May 2025, aligning them with the Finance Act 2025. The revised policy imposes stricter regulations on who can import these metals and under what conditions, with an emphasis on standardising and updating Harmonised System (HS) codes to prevent misuse.
Gold import
Notably, gold in unwrought and semi-manufactured forms, previously freely importable, now falls under the "Restricted" category, necessitating government approval and adherence to authorised import channels.
Under the new framework, only entities nominated by the Reserve Bank of India (RBI) or the DGFT can import gold. Additionally, qualified jewellers recognised by the International Financial Services Centres Authority (IFSCA) can import through the India International Bullion Exchange (IIBX). Entities holding tariff rate quotas (TRQs) under the India-UAE Comprehensive Economic Partnership Agreement (CEPA) may also import via IIBX, provided they take delivery through IFSCA-registered vaults in Special Economic Zones. The import of gold dore, a semi-pure form of gold, remains permissible for licensed refineries under actual user conditions. To improve traceability and control, older HS codes such as 71081200 and 71081300 have been deleted.
Silver import
The import restrictions extend to silver bars, which were previously freely importable at 99.9% purity or higher but are now classified as "Restricted" under HS code 71069120. Imports can only be conducted through RBI-notified banks, DGFT-nominated agencies, and IFSCA-qualified jewellers via IIBX. However, semi-manufactured silver bars remain freely importable under RBI regulations. These changes are aimed at reducing unauthorised inflows and ensuring all imports of precious metals pass through formal and traceable channels.
Platinum imports
Platinum imports have also been revised. Highly pure unwrought platinum with a purity of 99% or more remains freely importable under HS codes 711011111 and 71101121. However, other forms of platinum are now "Restricted" and require prior authorisation. This reclassification intends to streamline import processes and prevent the misuse of HS codes, as redundant codes like 71101110 and 71101910 have been scrapped. These measures encourage the use of structured channels like the India International Bullion Exchange for all transactions involving precious metals.
The government's revised import policy seeks to create a formalised system for qualified jewellers and TRQ holders, encouraging transparency and security in bullion imports. The immediate implementation of these regulations is designed to foster a more traceable import process and deter unauthorised transactions. As a result, the use of the India International Bullion Exchange is expected to increase, providing a formal channel to manage precious metal inflows.