New Delhi, April 2 -- The Government has imposed immediate restrictions on imports of gold, silver and platinum jewellery to curb misuse of free trade agreements (FTAs), it said on Wednesday.
The move was notified by the Directorate General of Foreign Trade (DGFT), which revised the import policy for items under Customs Tariff Heading (CTH) 7113 from Free to Restricted, PTI reported.
Importers will now be required to obtain a licence or permission from the DGFT for such imports.
The notification clarified that the restrictions will apply with immediate effect, regardless of existing contracts, advance payments, letters of credit or shipment status. Transitional arrangements will not be allowed.
Exemptions for Export-Oriented Units
...