The government has announced new changes to its import policy for precious metals. This new policy is about tightening restrictions and standardising names and codes for international trade. The Directorate General of Foreign Trade (DGFT) informed about this new policy on 19th May 2025. This new policy aligns with the rules of the Finance Act 2025.
About the New Policy
With this policy comes stricter restrictions and a revised harmonised system (HS) codes for importing gold, silver, and platinum. This will impact both individual investors and the bullion trade.
New Indian Rules for Gold Import
Under this policy, the import of gold, particularly in unwrought and semi-manufactured forms, will now be allowed only through authorised channels. Gold containing 99.5% or more purity by weight (HS code 71081210 and 71081310) has been classified as Restricted.
New Indian Rules for Silver Imports
For silver imports, access will be only through authorised agencies. Silver bars containing 99.9 per cent or more purity (HS code 71069120) will fall under the restricted category.
New Indian Rules for Platinum Imports
Under this policy, we will now allow the import of gold, particularly in unwrought and semi-manufactured forms, only through authorized channels.Highly pure platinum (99 per cent or more) under HS 711011111 and 71101121 is marked Free. Other categories of platinum will fall under the restricted bracket.
Import Will Be Permitted Through
- RBI-notified banks
- DGFT-nominated agencies
- IFSCA-qualified jewellers via IIBX
Although, semi-manufactured silver bars under codes 71069221 and 71069229 will remain under free import, subject to RBI regulations.