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Corporate Laws Central Ministry of Finance International Financial Services Centres Authority Act, 2019

IFSCA- Amendments to the ITC(HS) codes for the import of Gold and Silver through IIBX

02-Jun-2025 | IFSCA-DMC/3/2023-Dept. of Metals and Commodities

IFSCA has issued a circular referring to DGFT Notification No. 08/2025-26 dated May 19, 2025, which deletes certain ITC (HS) codes and introduces new ones under Chapter 71 of the ITC (HS) 2022, Schedule I (Import Policy). In alignment with Circular No. F No. 329/IFSCA/Bullion MIIs/2023-24/02 dated December 11, 2023, IFSCA has clarified the following:

a. Qualified Jewellers approved by IFSCA can import gold and silver grains (99.9% purity or above) through the India International Bullion Exchange (IIBX).
b. Post DGFT’s update, the import of silver bars is unrestricted and may be undertaken by any entity, including Qualified Jewellers, subject to RBI guidelines.
c. Following amendments in the Finance Act, 2025, and corresponding RBI rules, Scheduled Commercial Banks are now permitted to import gold bars (99.5%+ purity) and silver (bars and grains of 99.9%+ purity) via IIBX.

For detailed provisions, please refer to the attached circular.

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