India Monday imposed restrictions on import of gold and silver in unwrought, semi manufactured and powdered form, allowing imports only through nominated agencies, qualified jewellers and valid tariff rate quota holders under the India-UAE Comprehensive Economic Partnership Agreement (CEPA).The restrictions are based on Budget FY26 announcement to introduce new HS (Harmonised System) codes or tariff codes for key items like gold dore, silver dore and platinum containing at least 99% platinum.Some importers used this loophole to bring in products that were 99% gold from Dubai, labelling them as platinum alloy to take advantage of lower duties under the India-UAE CEPA.To block this misuse, the government introduced a new HS code specifically for platinum containing 99% or more pure platinum. Only this category qualifies for duty benefits under the pact. Imports under other platinum compositions were restricted. This effectively closed the route for importing gold disguised as platinum."This measure follows the Budget announcement to create separate HS codes to ensure that gold imports don't happen in the name of platinum," said an official, adding that this alignment ensures consistency between customs duties and import regulations. Under the agreement, India agreed to import up to 200 metric tonnes of gold annually from the UAE with a 1 per cent tariff concession under tariff rate quota (TRQ).
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