The Directorate General of Foreign Trade (DGFT), under India’s Ministry of Commerce, has introduced several significant changes to the import of specific types of gold and silver under certain conditions. These new regulations came into effect on May 1, 2025, aligning with the Economic Partnership Agreement between the governments of India and the United Arab Emirates, and changes to customs tariffs through the 2025 budget.

The new rules include revised HS (Harmonized System) codes for gold, silver, and platinum. Additionally, detailed clarifications have been provided regarding who is permitted to import these precious metals.

The central government is amending the import policy and policy conditions for specific ITC (HS) codes under Chapter 71 of Schedule-I (Import Policy) of ITC 2022, which is consistent with the Finance Act 2025 dated March 29, 2025.

Under the new restrictions, these goods will only be permitted for import through designated agencies notified by the Reserve Bank of India (RBI), and through qualified jewelers by the International Financial Services Centre Authority (IFSCA) via DGFT and the India International Bullion Exchange (IIBX).

The notification further states that actual users will be able to import gold with an import license, subject to certain specific conditions. The import of both silver and platinum will also be consistent with purity-specific conditions and will be carried out through authorized agencies.

However, the government has indicated that these new rules are not expected to cause significant fluctuations in gold and silver prices. The primary objective of these changes is to streamline and regulate the import process for precious metals, ensuring the smooth implementation of the country’s economic partnership agreements.