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Govt bans export of gold items above 22-carat purity with immediate effect

17 Aug 2017 Evaluate

The government has banned export of gold ornaments, medallions or any other articles beyond 22 carat purity. This step has been taken in a bid to check round tripping of the precious metal. The decision came at a time when Indian gold jewellery traders have raised concerns over a surge in gold imports from South Korea.

As per notification issued by the Directorate General of Foreign Trade (DGFT) has said that the Foreign Trade Policy 2015-20 has been amended to allow the export of gold jewellery (plain or studded) and articles containing gold of eight carats and above, up to a maximum limit of 22 carats only from domestic tariff area and export oriented units (EOU) or any such privileged facilities. This means export of jewellery or medallions with gold content beyond 22 carats has been banned with immediate effect.

The DGFT also stated that only those exporters can avail of incentives who are shipping gold jewellery and other articles containing gold of 8 carats and up to a maximum limit of 22 carats and not beyond.

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