Addressing the need of the domestic industry without disruption for actual use, the Directorate General of Foreign Trade (DGFT) has restricted import of alloys of Palladium, Rhodium, and Iridium containing more than 1 per cent gold by weight.
This measure expands upon the existing restriction on the import of Platinum, “to now include the entire Customs Tariff Heading (CTH) 7110 at the 4-digit level, thereby ensuring uniformity in the import policy governing precious metals and their alloys,” according to a Commerce Ministry statement.
At the same time, the policy facilitates trade by allowing free import of alloys containing less than 1 per cent gold, thereby ensuring continued availability of inputs for industrial and manufacturing sectors, including electronics, auto components, and specialised chemical industries, without disruption.
This calibrated approach balances trade facilitation with the need for regulatory oversight.
Further, DGFT has issued a notification to restrict the import of colloidal metals and compounds covered under CTH 2843. This was necessitated to regulate the import of gold in the garb of chemical compounds.
“The import will be allowed for industrial and manufacturing sectors, including electronics, electrical and specialised chemical industry, against an import authorisation, thereby addressing the need of the domestic industry without disruption for actual use,” said DGFT.
Meanwhile, the government recently operationalised a dedicated ‘Global Tariff and Trade Helpdesk’ to assist the country’s exporters and importers in navigating emerging trade issues due to the hike in tariffs announced by the US.
Given the evolving trade landscape and the introduction of various tariff and counter-tariff measures, there may be both new export opportunities and heightened import pressures from specific countries or product sectors.
The ‘Global Tariff and Trade Helpdesk’ looks into issues relating to Import and Export Challenges, Import Surges or Dumping, EXIM Clearance, Logistics or Supply Chain Challenges, Financial or Banking issues, Regulatory or Compliance Issues, and Other Issues or Suggestions.
(With inputs from IANS)