Govt further tightens rules for gold imports
New Delhi, May 15 -- Days after sharply raising import duty on gold, the government has tightened rules governing imports of the precious metal for export-linked manufacturing after value addition, including capping imports under advance authorization at 100 kilograms.
The Director General of Foreign Trade (DGFT) on Thursday introduced five new requirements for gold imports under the standard input output norms (SIONs) with immediate effect, per an official notification.
SION refers to a thumb rule that determines the exact quantity of raw material required to manufacture export products. Under the advance authorization (AA) scheme, exporters are allowed to import raw materials duty-free for manufacturing goods meant for exports.
Under the ...
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