India's DGFT restricts precious-metal jewellery imports from ASEAN
Import compliance teams must secure DGFT licences for ASEAN precious jewellery
Change
India's Directorate General of Foreign Trade (DGFT) requires licences for imports of gold, silver and platinum jewellery from ASEAN, effective immediately and applying irrespective of prior contracts, irrevocable letters of credit, advance payments, or shipment status.
Why it matters
Only consignments destined for Special Economic Zones (SEZs) and Export Oriented Units (EOUs) are exempt from the licence requirement, and then only if the goods are not sold into the Domestic Tariff Area. The change brings zero‑duty jewellery entries under licence control, closing loopholes under the ASEAN free‑trade pact; most‑favoured‑nation duty on these goods is 20% (17% under the UAE pact).
Implications
- — Import compliance teams at Indian jewellery importers must obtain the DGFT import licence before shipment arrival — consignments without the licence are ineligible for import under the amended policy.
- — Customs brokers and clearing agents must verify the DGFT licence on every import filing immediately — filings lodged without the licence will not satisfy the amended import policy and risk import rejection.
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Source
View on Economic Times