The federal government has lifted a ban on the import and export of gold by restoring the rules governing precious metals’ trade with new amendments, according to the Ministry of Commerce.
In a notification issued on Friday, the ministry said the government had made several amendments to the Import and Export of Precious Metals Jewelry and Gemstones Order, 2013. It said it was rescinding an order from May banning the import and export of precious metals, jewelry, and gemstones. At the time, government officials had said the move was being taken to halt alleged gold smuggling.
According to the notification, the word “Gemstones” has been removed from the short title, and the definition of “passbook” in clause 2(j) updated to explicitly allow either paper or digital passbooks.
In clause 3(2), the rider clause has been substituted to clarify that “the import of precious metals and gemstones and export of jewelry made up of precious metals, gemstones or a combination thereof” shall be allowed under specified schemes.
Clause 3(9) has been amended to provide that, in the event of operational constraints, a no-objection certificate from the respective additional or deputy collector of customs will be required to allow a one-time change of customs station.
Under clause 4(2), on the import side, documents issued abroad may now also be apostilled under the Apostille Convention, 1961, where applicable. On the export proceeds side, a new paragraph stipulates that all transactions under the Entrustment Scheme must be processed exclusively through the same bank that handled the corresponding import of precious metals, ensuring exports are routed through that bank.