India Adjusts Import Policies on Precious Metals Amidst New Tariff Codes

India's DGFT has revised import policies to align with the new Customs Tariff schedule announced in Budget 2025, focusing on precious metals like gold, silver, and platinum. The changes include new HS codes to prevent misuse of the India-UAE trade agreement and ensure consistent import regulation.

On Monday, the Directorate General of Foreign Trade (DGFT), under the commerce ministry, issued a notification to bring India's import policies in line with recent changes in the Customs Tariff schedule, as outlined in the 2025 Budget. The focus is primarily on precious metals.

This move ensures a harmonious relationship between customs duties and import regulations, with a specific emphasis on newly introduced HS (harmonised system) codes for significant items such as gold dore, silver dore, and platinum containing at least 99 percent pure platinum.

The introduction of distinct codes for gold and silver dore helps customs authorities effectively track semi-processed forms of these metals, commonly used to circumvent higher duties on refined versions. The government also addresses loopholes involving platinum alloys to curb the misuse of duty benefits under the India-UAE trade agreement.

(With inputs from agencies.)