Editor’s Note
This article outlines new Indian government restrictions on the import of unrefined and semi-processed gold and silver, primarily used in industry. The policy, stemming from the 2026 budget, centralizes imports through designated agencies and specific jewelers, marking a significant shift in trade regulations with key hubs like Dubai.
Importing gold from Dubai will no longer be easy. The Indian government has implemented some new rules on the import of gold and silver. These rules will apply to items that are not fully manufactured, are semi-manufactured, or are in powder form. The government has taken this step following a decision made in the budget for the fiscal year 2026. Such gold is mostly used in industry.
Now, only certain designated agencies will be able to import gold and silver. Additionally, some specific jewelers and individuals with permits under the India-UAE (United Arab Emirates) agreement will also be able to import them. This means you can no longer bring gold directly from Dubai. The government has imposed a ban on this.
The budget mentioned changing the HS code. The HS code is a type of number that indicates which item is being imported or exported. The government had talked about creating new codes for gold dore, silver dore, and items containing more than 99% platinum.
Some people were misusing this rule. They would import 99% gold from Dubai but declare it as platinum to pay less tax. The agreement between India and the UAE (United Arab Emirates) provides tax concessions on certain items, and these people were exploiting that.
To stop this malpractice, the government has created a new HS code for platinum. Now, only platinum containing 99% or more platinum will be available at a lower duty. Import of other types of platinum has been banned. This closes the route of bringing in gold by declaring it as platinum.
He also said that this will maintain harmony in customs duty and import regulations.
Under the agreement, India can import up to 200 metric tons of gold from the UAE every year at 1% lower tax. This is called the Tariff Rate Quota (TRQ). The government believes that these new rules will bring transparency to the import of gold and silver and curb those who misuse the system.
