The Directorate General of Foreign Trade (DGFT) has issued Notification S.O. 577(E) amending the import policy for ITC (HS) Code 71141920, covering articles of platinum under Chapter 71 of ITC (HS) 2022. Exercising powers under Sections 3 and 5 of the Foreign Trade (Development & Regulation) Act, 1992, read with the Foreign Trade Policy, 2023, the Central Government has revised the import status of these goods with immediate effect.
Earlier classified as “Free”, the import of platinum articles has now been shifted to the “Restricted” category. A new Policy Condition No. 6 has been introduced in Chapter 71 to regulate such imports. However, specific exemptions are provided. Imports will continue to be treated as “Free” in cases of the re-import of Indian-origin platinum articles that were sent abroad for exhibitions or export promotion tours, rejected, returned, or unsold goods, and goods re-imported for repair.
This amendment reflects DGFT’s intent to strengthen import controls on precious metals while allowing legitimate trade-linked re-imports. The notification has been issued with the approval of the Minister of Commerce & Industry.