India News | Govt Imposes Import Restrictions on Certain Gold Jewellery, Articles
Get latest articles and stories on India at LatestLY. The government on Wednesday imposed import restrictions on certain gold jewellery and articles, a move which would help cut import of non-essential items.
New Delhi, Jul 12 (PTI) The government on Wednesday imposed import restrictions on certain gold jewellery and articles, a move which would help cut import of non-essential items.
Now an importer would need a permission of licence from the government for importing these gold products.
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However, the directorate general of foreign trade (DGFT) said that the restrictions will not be there for imports under the India-UAE free trade agreement.
In a notification, the DGFT said that the import policy of these products "has been amended from free to restricted with immediate effect".
Imports of pearls, precious and semi-precious stones dipped by 25.36 per cent to about USD 4 billion during April-May this fiscal. Gold imports too contracted by about 40 per cent to USD 4.7 billion in the same period.
Overall merchandise imports during April-May this fiscal declined 10.24 per cent to USD 107 billion. The merchandise trade deficit for April-May 2023 stood at USD 37.26 billion against USD 40.48 billion during April-May 2022.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)