India Tightens Rules on Duty-Free Gold Imports for Jewellery Exports
India has tightened rules for duty-free gold imports for jewellery exports, capping imports at 100 kg per license while raising import tariffs. The changes, aimed at curbing imports and easing foreign exchange reserve pressure, include mandatory inspections and reporting for compliance by licence holders.
India on Thursday implemented stricter regulations on duty-free gold imports for jewellery exports, imposing a cap of 100 kilograms per license.
The move comes as the government seeks to reduce gold imports and manage foreign exchange reserves amid rising oil prices, increasing import tariffs from 6% to 15% earlier this week.
New compliance measures include mandatory inspections for first-time applicants and fortnightly reporting, drawing criticism from industry insiders concerned about the impact on exports.
(With inputs from agencies.)
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