Latest News | New HS Codes to Help Clearly Differentiate Between Pure, Alloy Platinum: Sarangi

New Delhi, Feb 4 (PTI) The Budget announcement to create new HS codes to differentiate between certain precious metals will help in clearly distinguishing pure platinum from its alloys, enabling more precise policy interventions in the future if required, a senior government official said.

This would also help in getting trade data of bullion and Dore of precious metals and help in precise policy interventions in alignment with global best practices.

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In international trade parlance, every product is categorised under an HS code (Harmonised System of Nomenclature). It helps in systematic classification of goods across the globe.

"Now for pure platinum, we are making a separate HS code. So with that differentiation between what is pure platinum and what is alloy will now become very clear...Now we can keep pure gold outside and only restrict the alloy part (in future if required)," Director General of Foreign Trade (DGFT) Santosh Kumar Saranagi said.

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According to Colin Shah, Managing Director of Kama Jewelry, the provision of a separate HS code for platinum and gold alloys is another positive step that will prevent malpractices and ensure fair play in the industry.

According to the Budget documents, new tariff lines are proposed to be created to distinguish precious metals -- containing 99.9 per cent or more by weight of silver, containing 99.5 per cent or more by weight of gold, containing 99 per cent or more by weight of platinum -- under certain headings.

(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)