Govt imposes more gold import curbs on star houses to check round-tripping
newsdepo.com
Government on Wednesday further tightened noose around star export houses doing big business in gold import and exports. Director General of Foreign Trade has imposed restrictions on import of gold by Four Star and Five Star Houses with Nominated Agency CertiGovt imposes more gold import curbs on star houses to check round-tripping
Government on Wednesday further tightened noose around star export houses doing big business in gold import and exports. Director General of Foreign Trade has imposed restrictions on import of gold by Four Star and Five Star Houses with Nominated Agency Certificate. Effectively barring four and five Star Export Houses from importing for domestic consumption. The move is aimed at curbing practices of round tripping of gold and other misuse of such facilities.DGFT issued a notification 34 dated 18 october amending para 4.41(iii) in this regards.DGFT explained that, "Henceforth no Nominated Agency Certificate shall be issued/ renewed for Four Star Export House and Five Star Export House status holders. Import of gold by Four Star and Five Star Houses with existing Nominated Agency Certificate is subjected to Actual user condition and are permitted to import gold as input only for the purpose of manufacture and export by themselves during the remaining validity period of the Nominated ... Read more