Government modifies import rules on certain gold, silver items

Business and finance background. Rows of golden and silver bars
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As a part of an total effort to herald higher consistency between import tariffs and customs rules, the federal government on Monday (May 19, 2025) allowed the import of certain kinds of unwrought, semi-manufactured and powdered gold beneath specific circumstances. On the opposite hand, it has imposed comparable circumstances on the import of some silver merchandise that had been earlier freely importable. 

According to the brand new restrictions, imports of those items will solely be allowed by businesses nominated by both the Reserve Bank of India or the federal government, certified jewellers, and specific merchants authorised beneath the India-UAE free commerce settlement.

These new rules had been notified by the Directorate General of Foreign Trade (DGFT) on Monday (May 19, 2025) as a modification of its import coverage chapter pertaining to valuable metals, stones, and pearls. 

When it involves gold, a number of items that earlier confronted a blanket restriction have now been allowed for imports beneath specific circumstances. 

For instance, the import of unwrought, semi-manufactured, or powdered gold containing 99.5 or extra by weight of gold was once restricted. Under the brand new rules, these items could be imported by businesses nominated by the RBI, within the case of banks, or nominated by the DGFT, or by certified jewellers as notified by the International Financial Services Centres Authority and solely by the India International Bullion Exchange, or legitimate tariff price quota (TRQ) holders beneath the India-UAE free commerce settlement. 

On the opposite hand, the import of unwrought, semi-manufactured, or powdered gold in bar type was once freely importable. Now, the notification says the import could be “subject to RBI regulation”.

According to a word by the Global Trade Research Initiative (GTRI), these adjustments “ensure consistency between customs duties and import regulations” and produce the rules into alignment with the adjustments made in Budget 2025 to reinforce the transparency within the import of valuable metals. 

“Separate codes for gold and silver ore help customs track semi-processed forms of these metals, which are sometimes used to bypass higher duties on refined gold and silver,” GTRI added.