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Import restrictions on gold jewellery not applicable for SEZ units, says the Government
In a policy circular, the Directorate General of Foreign Trade (DGFT) said it has received representations from SEZ units highlighting issues being faced by them due to these restrictions
The Government has clarified that import restrictions on certain gold jewellery and articles are not applicable for units in the special economic zones (SEZs). On July 12, the Government had, through a notification, imposed these restrictions on certain gold jewellery and articles.
In a policy circular, the Directorate General of Foreign Trade (DGFT) said it has received representations from SEZs units highlighting issues being faced by them due to these restrictions.
Accordingly, it is “clarified” that imports of these products by SEZ units “are outside the purview” of the July 12 notification, the Directorate General of Foreign Trade (DGFT) said.
Importers were using a policy flaw to source plain gold jewellery from Indonesia without paying any import taxes. The Government’s restrictions are aimed to help cut the import of these items. Now, an importer would need a permission of licence from the Government for importing these gold products.
Courtesy: Economic Times Retail
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