The import of platinum articles, which were free earlier, has now been restricted by the Commerce Ministry
Chennai: Curbing the illicit import of gold in the garb of platinum, the government has restricted the import of articles of platinum.
The import of platinum articles, which were free earlier, has now been restricted by the Commerce Ministry.
According to industry insiders, gold was being imported into the country duty-free by classifying it as platinum. As per the rules, any article with 2.75 per cent of platinum content is termed as platinum and platinum imports are duty-free.
Some of the importers have been using this loophole and importing articles with 97.25 per cent of gold content and 2.75 per cent of platinum, duty-free. In FY25, platinum imports had doubled to $9.75 million. Platinum imports have surged in this fiscal as well.
Hence, the government has restricted the import of platinum articles. Once, the import of an article is put in a restricted category, importers need to obtain a license, authorization, or permit from the government before importing. Importing without a licence is illegal and attracts severe penalties. Further, it is also subject to rigorous checks on arrival. The authorities can seize the article as well.
