India has announced restrictions on importing precious metals like gold and silver from UAE in their unwrought, semi-manufactured and powdered forms. Under the regulations, they can now only enter India, through nominated agencies, qualified jewellers, and valid tariff rate quota (TRQ) holders under the India-UAE comprehensive economic partnership agreement (CEPA).
India had agreed to import up to 200 metric tonnes of gold annually from the UAE with a 1% tariff concession under the TRQ system, under the CEPA agreement.
Why was the curb implemented?
The move follows the Budget 2025 announcement to introduce new HS (Harmonised System) codes for key items such as gold dore, silver dore, and high-purity platinum. It aims to close a loophole in the existing rules, which some importers had reportedly exploited by labelling nearly pure gold, containing 99% gold, as platinum alloy to take advantage of lower import duties under CEPA.
To prevent such misuse, the government introduced a new HS code specifically for platinum containing 99% or more pure platinum. Only imports under this category will qualify for duty concessions, while other platinum compositions now face restrictions, effectively shutting the door on importing gold disguised as platinum.
“This measure follows the budget announcement to create separate HS codes to ensure that gold imports don't happen in the name of platinum,” an official said, adding that it also ensures customs duties and import regulations are on the same page/aligned.
India had agreed to import up to 200 metric tonnes of gold annually from the UAE with a 1% tariff concession under the TRQ system, under the CEPA agreement.
Why was the curb implemented?
The move follows the Budget 2025 announcement to introduce new HS (Harmonised System) codes for key items such as gold dore, silver dore, and high-purity platinum. It aims to close a loophole in the existing rules, which some importers had reportedly exploited by labelling nearly pure gold, containing 99% gold, as platinum alloy to take advantage of lower import duties under CEPA.
To prevent such misuse, the government introduced a new HS code specifically for platinum containing 99% or more pure platinum. Only imports under this category will qualify for duty concessions, while other platinum compositions now face restrictions, effectively shutting the door on importing gold disguised as platinum.
“This measure follows the budget announcement to create separate HS codes to ensure that gold imports don't happen in the name of platinum,” an official said, adding that it also ensures customs duties and import regulations are on the same page/aligned.
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