Latest News | DGFT Aligns Import Policy Schedule with Changes Made in Customs Tariff Plan

New Delhi, May 19 (PTI) The commerce ministry's arm DGFT on Monday issued a notification to align India's import policy schedule with changes made in the Customs Tariff schedule through the Budget 2025, especially for precious metals.

This alignment ensures consistency between customs duties and import regulations.

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The Budget introduced new HS (harmonised system) codes for key items like gold dore, silver dore, and platinum containing at least 99 per cent platinum.

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

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A more complex issue involved platinum alloys. Under WCO (World Customs Organisation) rules, any item containing even 1 per cent platinum could be declared as a platinum alloy.

Think tank GTRI said some importers used this loophole to bring in products that were 99 per cent gold from Dubai, labelling them as platinum alloy to take advantage of lower duties under the India-UAE free trade agreement.

"To block this misuse, the government in the Budget introduced a new HS code specifically for platinum containing 99 per cent or more pure platinum," Global Trade Research Initiative said.

Only this category qualifies for duty benefits under the UAE trade pact.

Imports under other platinum compositions were restricted. This effectively closed the route for importing gold disguised as platinum.

(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)