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Core Purpose

Amendment, by the Directorate General of Foreign Trade, of the import policy conditions for silver under specified ITC(HS) 2022 codes to permit imports by IFSCA-notified qualified jewellers through the India International Bullion Exchange.

Detailed Summary

The Ministry of Commerce and Industry, Department of Commerce, Directorate General of Foreign Trade, through Notification No. 35/2023, S.O. 4423(E) dated 11 October 2023, issued under Section 3 and Section 5 of the Foreign Trade (Development & Regulation) Act, 1992, read with paragraphs 1.02 and 2.01 of the Foreign Trade Policy 2023, amends the import policy conditions for silver under HS codes 71069110 (Grains) and 71069290 (Other) of Chapter 71 of Schedule-I (Import Policy) of ITC (HS), 2022. The revised policy condition permits import through nominated agencies notified by the Reserve Bank of India (for banks) and DGFT (for other agencies), and additionally through qualified jewellers notified by the International Financial Services Centres Authority (IFSCA) for import via the India International Bullion Exchange IFSC Ltd. (IIBX); import of silver dore by refineries against a license with an Actual User condition remains permitted under HS code 71069110. The notification states this expands the class of permitted importers beyond RBI- and DGFT-nominated agencies to include IFSCA-notified qualified jewellers. It was issued with the approval of the Minister of Commerce & Industry under F. No. 01/89/180/36/AM-11/PC-2[A]/E-1678 and signed by Santosh Kumar Sarangi, Director General of Foreign Trade and Ex-officio Additional Secretary.

Full Text

6434 GI/202 3 (1) EXTRAORDINARY PART II —Section 3 —Sub-section ( ii) PUBLISHED BY AUTHORITY okf.kT; ,oa m|ksx ea=ky; ¼okf.kT; foHkkx ½ ¼fons'k O;kikj egkfuns'kky; ½ vf/klwpuk ubZ fnYYkh] 11 vDrwcj] 2023 la- 35@2023 fo k;% vkbZVhlh ¼,p,l½ 2022 dh vuq lwph& I ¼vk;kr uhfr½ ds v/;k; 71 ds rgr 'kkfey flYoj ds vk;kr dh uhfrxr 'krZ esa la' kks/ku ds laca/k esaA dk-vk- 4423¼v½.—le;≤ ij ;Fkk&la'kksf/kr fons' k O;kikj uhfr 2023 ds iSjk 1 -02 vkSj 2 -01 ds lkFk ifBr] fons'k O;kikj ¼fodkl ,oa fofu;eu½ vf/kfu;e] 19 92 dh /kkjk 3 vkSj /kkjk 5 }kjk iznÙk 'kfDr;ksa dk iz;ksx djrs gq,] dsUnz ljdkj ,rn}kjk vkbZVhlh ¼,p,l½ 2022 dh vuqlwph& I ¼vk;kr uhfr½ ds v/;k; 71 ds ,p,l dksM 71069110 vkSj 71069290 ds varxZr flYoj ds vk;kr dh uhfrxr 'krksZa dks fuEukuqlkj la' kksf/kr djrh gS% vkbZVhlh ¼,pl½ dksM en fooj.k vk;kr uhfr ekStwnk uhfrxr 'krZ la'kksf/kr uhfrxr 'krZ 71069110 xzsUl izfrcaf/kr vk;kr dsoy vkjchvkbZ ¼cSadksa ds ekeys esa½ vkSj Mhth,QVh ¼vU; ,tsafl;ksa gsrq½ }kjk ;Fkk vf/klwfpr ukfer ,tsafl;ksa ds ek/;e ls vuqer gSA ,;w 'krZ ds lkFk ykblsUl ds eís vk;kr dsoy vkjchvkbZ ¼cSadksa ds ekeys esa½ vkSj Mhth,QVh ¼vU; ,tsafl;ksa gsrq½ }kjk ;Fkk& vf/klwfpr dsoy ukfer ,tasfl;ksa ds ek/;e ls vkSj bafM;k baVjus' kuy cqfy;u No. 4252] NEW DELHI, WEDNES DAY , OCTOBER 11, 2023/ ASVINA 19, 1945 CG-DL-E-11102023-249326 fjQkbufj;ksa }kjk flYoj Mksjs dk vk;kr fd;k tk ldrk gSA ls vk;kr ds fy, vkbZ,Q,llh, }kjk ;Fkk&vf/klwfpr vgZrk izkIr TosylZ }kjk vk;kr vuqer gSA ,;w 'krZ ds lkFk ykblsUl ds eís fjQkbufj;ksa }kjk flYoj Mksjs dk vk;kr fd;k tk ldrk gSA 71069290 vU; izfrcaf/kr vk;kr dsoy vkjchvkbZ ¼cSa dksa ds ekeys esa½ vkSj Mhth,QVh ¼vU; ,tsafl;ksa gsrq½ }kjk ;Fkk vf/klwfpr ukfer ,tsafl;ksa ds ek/;e ls vuqer gSA vk;kr dsoy vkjchvkbZ ¼cSadksa ds ekeys esa½ vkSj Mhth,QVh ¼vU; ,tsafl;ksa gsrq½ }kjk ;Fkk& vf/klwfpr dsoy ukfer ,tasfl;ksa ds ek/;e ls vkSj bafM;k baVjus' kuy cqfy;u ,Dlpsat ¼vkbZvkbZch,Dl½ ds ek/;e ls vk;kr ds fy, vkbZ,Q ,llh, }kjk ;Fkk& vf/klwfpr vgZrk izkIr TosylZ }kjk vuqer gSA 2- vf/klwpuk dk izHkko% vkjchvkbZ ¼ caSdksa ds ekeys esa½ }kjk ;Fkk& vf/klwfpr ukfer ,tsafl;kas vkSj Mhth,QVh }kjk vf/klwfpr uk fer ,tsafl;ksa ds vykok] varjjk" Vªh; foÙkh; lsok dsUnz izk f/kdj.k ¼vkbZ,Q,llh,½ }kjk ;Fkk& vf/klwfpr vgZrk izkIr TosylZ dks bafM;k baVjus' kuy cqfy;u ,Dlpsat ¼vkbZvkbZch,Dl½ vkbZ,Q,llh fy - ds ek/;e ls Åij mfYyf[kr fof'k"V vkbZVhlh ¼,p,l½ dksMksa d s rgr flYoj dk vk;kr djus dh vuqefr gksxhA bls okf.kT; ,oa m|ksx ea=h ds vuqeksnu ls tkjh fd;k tkrk gSA [Qk- la- 01@89@180@36@,,e 11@ihlh&2 [d]@bZ&1678 ] Lkarks"k dqekj lkjaxh] egkfuns'kd fons'k O;kikj ,oa insu vij lfpo MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) (DIRECTORATE GENERAL OF FOREIGN TRADE ) NOTIFICATION New Delhi, the 11th October, 2023 No. 35/2023 Subject : Amendment in import policy condition of silver Cover ed under Chapter 71 of Schedule –I (Import Policy) of ITC (HS), 2022. S.O. 4423 (E).—In exercise of powers conferred by Section 3 and Section 5 of Foreign Trade (Development &Regulation) Act, 1992, read with paragraph 1.02 and 2.01 of the Foreign Trade Poli cy 2023, as amended from time to time, the Central Government hereby amends the import policy conditions for silver under HS codes 71069110 and 71069290 of Chapter 71 of Schedule -1(Import Policy) of ITC HS, 2022 as under: ITC (HS) code Item Description Policy Existing policy condition Revised policy condition 71069110 Grains Restricted Import is allowed only through nominated agencies as notified by RBI (in case of banks) and DGFT (for other agencies). Silver dore can be imported by refineries against a license with AU condition. Import is allowed only through nominated agencies as notified by RBI (in case of banks), DGFT (for other agencies) and by qualified jewellers as notified by the IFSCA for import through India International bullion Exchange (IIBX). Silver dore can be imported by refineries against a license with AU Condition. 71069290 Other Restricted Import is allowed only through nominated agencies as notified by RBI (in case of Import is allowed only through nominated agencies as notified by RBI (in case of banks), DGFT (for other agencies) and by banks) and DGFT (for other agencies). qualified jewellers as notified by the IFSCA for import through India International bullion Exchange (IIBX). 2. Effect of the notification: In addition to n ominated agencies as notified by RBI (in case of banks) and nominated agencies notified by DGFT, qualified jewellers as notified by International Financial Services Centres Authority (IFSCA) will be permitted to import Silver under above mentioned specific ITC(HS) codes through India International Bullion Exchange IFSC Ltd. (IIBX). This issue with the approval of Minister of Commerce & Industry. [F. No.01/89/180/36/AM -11/PC -2[A]/E -1678 ] SANTOSH KUMAR SARANGI, Director General of Foreign Trade & Ex -officio Addl. Secy Uploaded by Dte. of Printing at Government of India Press, Ring R oad, Mayapuri, New Delhi -110064 and Published by the Controller of Publications, Delhi -110054.

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