Curbs imposed on gold jewellery import

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The trend of investing in gold is old in India and keeping in view the speed of consumption of gold, it is also imported in large quantities. At the same time, the government has now issued a new order regarding the import of some gold jewellery and articles, the effect of which will be that its import may decrease. The government has imposed some restrictions on the import of gold ornaments and articles. After this decision, importers will have to obtain a licence for its import. This decision of the government will reduce the import of non-essential items. Apart from this, trade deficit can also be controlled.

DGFT has issued a notification saying that the import policy on gold jewelery and articles has been revised with immediate effect. According to the notification of DGFT, in the revised policy, with immediate effect, the import of gold jewelery and other gold articles has been made from free to restricted category. However, the Directorate General of Foreign Trade (DGFT) has said that the revised rules will not apply to imports under the India-UAE Free Trade Agreement.

During April-May in the current financial year, the import of pearls and precious stones decreased by 25.36 percent to about $ 4 billion, while gold imports also decreased by almost 40 percent to $4.7 billion during the same period. At the same time, during April-May in the current financial year, the total merchandise import decreased by 10.24 percent to $ 107 billion. The merchandise trade deficit in April-May 2023 has been $ 37.26 billion, while in April-May 2022 this figure was $ 40.48 billion. During April-May in the current financial year, the import of some special gold jewelery has been more than 110 million dollars. This import was done especially from countries like UAE, Indonesia and America.