ITC(HS) 2022: Chapter 71 Policy Conditions Amended – Finance Act 2025.

by preface

May 20, 2025

DGFT, Notification

The Central Government, in exercise of powers conferred under Section 3 and 5 of the Foreign Trade (Development & Regulation) Act, 1992, and in alignment with paragraphs 1.02 and 2.01 of the Foreign Trade Policy (FTP) 2023, has announced amendments to Chapter 71 of Schedule-I (Import Policy) under ITC (HS) 2022. These changes have been introduced in sync with the Finance Act, 2025.

Key Highlights of the Amendment

Objective: To align the import policy conditions for precious metals such as silver, gold, and platinum with the latest provisions under the Finance Act 2025.
Scope: Applies to imports under Chapter 71, covering items like silver, gold, and platinum in unwrought or semi-manufactured forms.
Nature of Changes:
- Certain ITC (HS) codes have been deleted.
- New codes have been introduced with revised policy conditions.

Table

ITC (HS) Code	Item Description	Import Policy	Policy Condition
7106	Silver (including silver plated with gold or platinum), unwrought or in semi-manufactured forms, or in powder form.
710691	Other:– Unwrought:
71069120	Containing 99.9 per cent. or more by weight of silver	Restricted	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).
710692	Other: — Semi-manufactured
71069220	Bar	Deleted
71069221	Bar: Containing 99.9 per cent or more by weight of silver	Free	Subject to RBI Regulations.
71069229	Bar—-Other	Free	Subject to RBI Regulations.
7108	Gold (including gold plated with platinum) unwrought or in semi-manufactured forms, or in powder form.
710812	— Other unwrought forms:
71081200	Non-monetary: — Other unwrought forms	Deleted
71081210-	— Containing 99.5 per cent. or more by weight of gold	Restricted	1. Import is allowed through: a) Nominated agencies as notified by RBI (in case of banks) or nominated agencies notified DGFT (for other agencies) b) Qualified Jewellers (as notified by IFSCA) through India International Bullion Exchange (IIBX) 2. Valid India-UAE TRQ holders as notified by IFSCA can import gold through IIBX against the TRQ and can obtain physical delivery of the same through IFSCA-registered vaults located in SEZs as per the guidelines prescribed by the IFSCA.
71081290	— Other semi-manufactured forms:
71081300	– Non-monetary: — Other semi-manufactured forms	Deleted
71081310	Containing 99.5 per cent. or more by weight of gold	Restricted	Import is allowed only through nominated agencies as notified by RBI (in case of banks) and DGFT (for other agencies)

Effect of Notification

This notification introduces updated import policy conditions for silver, gold, and platinum with immediate effect. It ensures regulatory clarity and policy alignment with the Finance Act, 2025.

Notification Reference: DGFT
Notification No. 08/2025-26
19/05/2025

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