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Government Cracks Down on Gold Imports Amid Growing Pressure on Rupee and Forex Reserves
The Indian government has tightened duty-free gold import rules to control rising imports and protect foreign exchange reserves. New DGFT regulations limit imports to 100 kg per license, mandate stricter monitoring, and require regular reporting by exporters. The move follows a hike in gold import duty from 6% to 15%, raising industry concerns over smuggling and gray market activity.
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.
