The Directorate General of Foreign Trade (DGFT), Ministry of Commerce & Industry, has modified the rules for importing gold, silver, and platinum in response to this year’s Union Budget statements. The new rules take effect on May 1, 2025, and contain amended HS codes for precious metals, as well as clarification on who can import them. A similar notice has already been issued by the Central Board of Indirect Taxes and Customs (CBIC).
Imports of unwrought or semi-manufactured gold (including gold coated with platinum) with a purity of 99.5% or above are limited to:
- Nominated agencies notified by the RBI (for banks) or DGFT (for other agencies),
- Qualified Jewellers (as notified by IFSCA) through the India International Bullion Exchange (IIBX),
- Valid India-UAE TRQ holders (as notified by IFSCA) importing via IIBX, with physical delivery through IFSCA-registered vaults in SEZs.
In addition, licensed refineries can import gold dore under the Actual User (AU) condition.
Silver and platinum imports have also been linked with purity-specific standards, with imports allowed openly or routed through authorized organizations.