In India, Import and export system is governed by the Foreign Trade (Development and Regulation) Act of 1992 and the Indian Export-Import (EXIM) Policy.
The import and export of all goods shall be free, except for items governed by the EXIM policy or any other legislation currently in force. Registration with regional licensing authority is a prerequisite for goods being imported and exported. Unless the importer has obtained from the regional authority an Import Export Code (IEC) the customs does not require clearance of products.
CLASSIFICATION OF GOODS
As per the import policy
The Indian Trade classification (ITC)- harmonized system (HS) classifies goods into three category
a. Restricted
b. Canalized
c. Prohibited
Goods not listed in the categories mentioned above may be imported freely without any restriction if the importer has obtained a valid IEC. No need to get an import license or permission to import such products. Most of the goods may be imported freely into India.
Restricted products can only be imported after the relevant regional licensing authority has issued an import license. The goods covered by the license shall be disposed of in the manner specified by the licensing authority, which the license itself should clearly indicate. ITC (HS) includes a list of restricted products. For capital goods, an import license is valid for 24 months, and for all other goods, 18 months.
For importing such products prior approval from DGFT is required under importing restricted products
Canalized goods are products that can only be transported using different transport procedures or methods. You will find the list of canalized products in the ITC (HS). Goods in this category can only be imported through agencies which canalize them. Currently, the main canalized items are petroleum products, bulk agricultural products, such as grains and vegetable oils, and certain pharmaceuticals.
These are the goods listed in ITC (HS) that are strictly prohibited in India on all the import channels. These include wild animals, animal-derived tallow fat and oils, animal rennet, and unprocessed ivory.
Gold dore is a semi-pure alloy that is refined for additional purification. Refined gold bars are made from bars with gold doors
A doré bar is a gold bar that is partially refined. Doré bars are usually an alloy with a very high content of gold, sometimes even pure. They don't have uniformity or fixed norm, however. Gold doré bars result in the removal of all non-metal particles from the gold ore and consolidation of the naturally developed alloy gold-bearing into a single block. The gold doré bars are most often left in them, other than gold, mostly silver, plus often other gold mining by-products.
The main reason why doré bars are created is to facilitate handling by dealing with larger chunks of gold-bearing alloy instead of loose particles. In that sense, doré bars are basically the final stage between gold ore mining and gold bullion refining. The idea is that the doré bars are pure enough and big enough to handle the gold refineries.
Gold dore imported under Exim code 71081200 is “Restricted” as per ITC(HS), 2017. In this context, reference is invited to trade notice No.-14 dated 24/08/2017, wherein it has been notified that with effect from 1st July 2018, the only applicant having valid license from BIS can make an application for import of gold dore. And before obtaining a BIS license the refinery has to be NABL accredited.
STEP 1 log in to application after OTP based authentication using email/mobile
STEP 2 Fill IEC detail, RCMC detail (if applicable) and other data fields along with the detail of import items; attached required documents and make payment online
STEP 3 Select the concerned jurisdictional RA from the dropdown and submit your application
Application category |
Mandatory information (Scanned copy) |
Live animals and bovine semen for breeding purpose |
|
Horses for Sportsmen |
|
Import of Pets |
(if applicable) and any other relevant document |
Import of live animals for R & D purpose |
|
Import of tyre scrap/lead scrap/battery scarp |
|
Import of Slag |
|
Import of Ozone-depleting substance |
|
Import of Wild animals under the Animal Exchange Programme |
|
Import of Arms and ammunition |
For Supply to govt. Departs. Including police and defense furnish
|
Aircraft/Helicopter/Hot Air Balloons/UAVs |
|
Transmitter or communication device |
|
Refurbished electronic item |
|
Import of gold dore |
|
Import of Silver dore |
|
1. NABL certification for first-time importers: NABL has been approved by Indian Govt. as the sole accreditation body for laboratory testing and calibration. NABL's goal is to include qualitative and technical competence evaluation by third parties.
2. BIS certification for subsequent import: BIS is a national body that ensures the quality, safety, and reliability of Indian goods. BIS is intended to analyze product samples while they are in the preliminary and surveillance stages.
3. Pollution Control NOC: The State Pollution Control Board/Committee grants a No Objection certificate to every business according to their category based on the level of pollutant an industry/establishment releases, these NOC (no objection certificate) comes in two steps namely CTE/CTO
4. Udyam Registration (Earlier known as Udyog Aadhar/MSME Registration): UDYAM REGISTRATION is a twelve digit Unique Identification Number provided by the Ministry of Micro, Small and Medium Enterprises, Government of India for small and medium enterprises, beginning in September 2015
5. RCMC Registration: A Registration Cum Membership Certificate (RCMC) is a certificate issued by the Federation of Indian Export Organizations (FIEO) and/or one of the various Export Promotion Councils (EPC) or Commodity Boards
6. Factory Licence: Every manufacturing Unit in India shall mandatorily obtain a factory Licence from the Local Urban Body. Factory Licence is also a prerequisite for Pollution Control Consent.
In conclusion, importing gold dore in India presents a lucrative opportunity for businesses looking to capitalize on the country's insatiable demand for gold. By understanding the process, benefits, requirements, and challenges involved, and partnering with an advisory company like Corpzo, you can successfully navigate the complexities of the gold dore import business and reap the rewards.
For more information on how Corpzo can assist you with your gold dore import venture, contact them at +91-9999139391 or reach@corpzo.com.
Call or WhatsApp us on +91-99991-39391 for free consultation from our team of experts. You can also email us on reach@corpzo.com.
We share the detailed and reasonable estimated costs, documents and prerequisites for the complete process before starting the process to ensure transparency.
Our team warrants hassle free documentation. We collect the necessary documents and share the relevant drafts to ensure a timely filing and delivery.
Upon collecting the necessary documents and information, we waste no time in preparation and filing of your application. development on your application is brought to your attention.
On successful completion of the case we share all the relevant documents electronically and physically along with an assurance to pay you back if something is wrong.
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