简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:As the illegal inflow of gold rose in India, the government has decided to impose import curbs on various colloidal precious metals. Check out our story on this.
As the illegal inflow of gold gained prominence in India, the government has decided to impose import curbs on various colloidal precious metals. These metals are formed through the suspension of silver and gold nanoparticles, which later get dispersed in liquid. Therefore, it was important to tighten gold import regulations so that importers couldnt move illegal yellow metal in the name of chemical compounds. Industry experts have expressed that certain exporters have used this route for imports via countries such as Thailand. The Directorate General of Foreign Trade (DGFT) issued a notification quashing the free import of items covered under CTH 2843. They will now have restrictions.
CTH 2843 covers a wide range of goods including colloidal precious metals. They can be organic or inorganic compounds of precious metals. The DGFT official said that the government has allowed imports of these metals for the manufacturing and industrial sectors. These include electrical, electronics and specialized chemical industries. This will help address the local industry demand without disrupting the actual use.
The DGFT issued another notification restricting the import of rhodium, iridium and palladium alloy consisting of 1% gold. This decision adds to the preventive measures against platinum import to ensure a uniform import policy concerning precious metals and their alloys.
As per industry estimates, India receives one-fourth of the total gold shipment via illicit means. Annually, India imports approximately 800-900 tonnes of gold. The annual consumption stands at approximately 1000 tonnes. This means around 200 tonnes of gold is shipped into the country illegally. In terms of trade value, it grosses $1 billion. The government loses $20 million in tax revenue through this illegal gold shipment route.
Even as the government tightens illegal gold import by imposing heavy security checks at airports, ports and other areas, the smugglers find a way to ship the yellow metal into India. As per the estimates shared by the World Gold Council (WGC), smugglers ship around 65-75% of gold via airways. Around 20-25% of gold is illegally shipped through sea. Through land, the smuggling shipment percentage remains 5-10%. At the current gold price in India, smugglers can gain a profit of 10 lakh. The live gold price per 10 grams stands at above INR 1 lakh in India.
The government has reduced the import duty on gold from 15% to 6% in the Union Budget 2024-25. Heavy import duty was seen as a major contributor to illegal gold shipment into India. While it has succeeded in curbing the illegal import, shipments are still coming illegally. The latest announcement on the illegal movement of liquid gold is a reminder of the same.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Coinexx has emerged as a nightmare for traders who once saw potential and profit in its platform. The problems lie in its lack of transparency, which has left many investors with a ZERO balance. Scamming investors by employing fraudulent tactics and introducing bogus trading rules is increasingly becoming its status symbol. The endless negative reviews of this scam broker are trending on various platforms. To expose the troubling investor experiences, we’ve compiled sharp complaints from verified users of Coinexx. Read on!
On August 4, 2025 Indian police arrested two men for running a fake forex trading scam under the name UnityFXLive.com. The suspects were caught operating from a rented office in Goregaon, Mumbai. During questioning, they revealed the name of a third person who is believed to be the mastermind behind the scam. He is currently on the run. The scammers promised people high returns on forex investments, but instead of doing real trading, they stole the money using fake online platforms.
Have your fund withdrawal applications been constantly denied by FXPRIMUS? Does the forex broker inappropriately block your trading account? Are your deposits disappearing without reaching your trading account? There’s something seriously wrong with this forex broker, whose track record keeps getting worse by the day. Many traders have expressed their anguish on several broker review platforms. While reading those reviews, we could not resist exposing this broker. Check out how traders have criticized FXPRIMUS for its illicit acts.
Have your fund withdrawal applications been constantly denied by FXPRIMUS? Does the forex broker inappropriately block your trading account? Are your deposits disappearing without reaching your trading account? There’s something seriously wrong with this forex broker, whose track record keeps getting worse by the day. Many traders have expressed their anguish on several broker review platforms. While reading those reviews, we could not resist exposing this broker. Check out how traders have criticized FXPRIMUS for its illicit acts.