India Restricts Platinum Alloy Imports Amid Import Duty Evasion Concerns

India has shifted platinum alloy imports, barring 99% pure variants, from unrestricted to restricted due to concerns over importers using this route to circumvent higher gold import duties. This policy change aims to curb such practices as India stands as the second largest gold consumer globally.

In a strategic move announced on Wednesday, India has placed platinum alloy imports, except for those that are 99% pure, under the restricted category. The government aims to tighten control over imports following reports of gold trade duty evasion.

The decision stems from findings that some importers disguised gold imports as platinum to sidestep the higher gold import duties. By altering the alloy import status, the government seeks to ensure compliance with existing regulations.

As the world's second-largest consumer of gold, India's new directive signals a strict stance on upholding its duty structure integrity and preventing illicit trade practices.