Introduction
IMPORT OF RESTRICTED ITEMS
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 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 (Licensed) Item
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 Item
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.
- Prohibited Products
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.
What Is Gold Dore
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.
Procedure For Obtaining License For Importing Restricted Products
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
