Due to increased import costs and forex pressure, the duty-free import regulations for gold have become stringent. Five additional rules have been made for gem and jewelry exports by DGFT, which will come into effect immediately.

In terms of Advance Authorization, 100 kg of gold will be allowed to be imported under each license. Regional officers will conduct inspection for new license holders. An import license will be issued only if 50% of the previous license's export obligation is fulfilled.

License holders will be required to submit a detailed import and export report every 15 days, certified by an independent chartered accountant. Regional offices will be required to submit a monthly report of all licenses and transactions to DGFT headquarters to ensure smooth monitoring.

Just a day earlier, the government had raised the import duty on gold from 6% to 15%. The gems and jewelry industry has expressed concern over the decision, saying the higher duty and stricter regulations could fuel the gray market and fuel gold smuggling. Both government decisions come as India's gold imports surged 24% this fiscal year to a record $71.98 billion.