Stricter Rules for Precious Metal Imports in India: Gold, Silver, and Platinum Now in ‘Restricted’ Category
Government Tightens Import Norms for Precious Metals
The Indian government has made it more difficult to import precious metals such as gold, silver, and platinum. Under the Finance Act 2025, the Directorate General of Foreign Trade (DGFT) issued a notification on May 19 announcing that these metals will now fall under the “Restricted” category.
Aim: To Curb Smuggling and Increase Transparency
The decision aims to:
- Prevent misuse and smuggling of gold and silver
- Ensure proper certification of HS codes
- Streamline and increase transparency in the import process
The DGFT notification outlines who is now authorized to import these metals and the conditions that must be met.
Import of Pure Gold Now Requires Government Permission
Previously, certain types of gold could be easily imported into India. However, under the new rules:
- Gold with 99.5% purity or above is now classified as ‘Restricted’
- Importers must obtain special permission from the government
- The rule applies to HS Code 71081210 and 71081310
Only agencies approved by the Reserve Bank of India (RBI) or licensed by the DGFT can now import such gold. Additionally, certified jewellers recognized by the International Financial Services Centres Authority (IFSCA) can place orders, but only through the India International Bullion Exchange (IIBX).
Silver Imports Also Restricted
Like gold, silver with 99.9% purity or higher is now under the “Restricted” category. From now on:
- Silver can only be imported via IIBX
- Only RBI-approved banks, DGFT-designated agencies, or IFSCA-recognized jewellers can place such orders
However, finished forms of silver under HS codes 71069221 and 71069229 remain more accessible but still subject to RBI regulations.
New Rules for Platinum Imports
Changes have also been made for platinum:
- Ultra-pure platinum (99% purity or more) under HS codes 711011111 and 71101121 can still be imported freely
- Other forms of platinum now fall under the ‘Restricted’ category
- Government permission is required for their import
This reform aims to improve regulation and prevent HS code misuse in platinum imports.
Summary
India’s latest move to place gold, silver, and platinum in the “Restricted” import category reflects a clear attempt to curb illegal activities, bring more accountability, and control the quality and flow of precious metals entering the country. Importers must now navigate stricter rules, and only authorized entities will be able to legally bring in these high-value commodities.
