20 Oct 2017
INDIA: Government Moves to Ban Sale of Imported Duty-Free Gold on Domestic Market
Following reports that a number of the country’s highest profile gold importers – those accorded four or five-star ratings and thus entitled to self-certify goods as originating from within India – have been illicitly selling overseas-sourced duty-free gold on the domestic market, all such transactions have now been specifically prohibited.
In a further move, the Indian government has announced that no further gold import licences will be granted to such businesses until 2020 at the earliest. In the case of traders already in possession of such a licence, they are to be allowed to continue to import gold until the said permit expires with the proviso that any such imports shall solely be used as inputs for the manufacture of goods destined for export.