The Central authorities on Wednesday restricted imports of sure gold jewelry and articles. The mover will assist minimize the import of non-essential gadgets. As per the Directorate General of Foreign Trade (DGFT) notification, an importer would want a permission of licence from the federal government for importing these gold merchandise.
However, DGFT stated that the restrictions won’t be there for imports below the India-UAE free commerce settlement. The DGFT stated that the import coverage of these merchandise “has been amended from free to restricted with immediate effect”.
Imports of pearls, valuable and semi-precious stones dipped by 25.36 per cent to about USD 4 billion throughout April-May this fiscal. Gold imports too contracted by about 40 per cent to USD 4.7 billion in the identical interval. Overall merchandise imports throughout April-May this fiscal declined 10.24 per cent to USD 107 billion. The merchandise commerce deficit for April-May 2023 stood at USD 37.26 billion in opposition to USD 40.48 billion throughout April-May 2022.
(With PTI inputs)
