The government on Wednesday imposed import restrictions on certain gold jewellery and articles, a move which would help cut import of non-essential items.
Now an importer would need a permission of licence from the government for importing these gold products.
However, the Directorate General of Foreign Trade said that the restrictions will not be there for imports under the India-UAE free trade agreement.
In a notification, the DGFT said that the import policy of these products "has been amended from free to restricted with immediate effect".
Imports of pearls, precious and semi-precious stones dipped by 25.36% to about $4 billion during April-May this fiscal. Gold imports too contracted by about 40% to $4.7 billion in the same period.
Overall merchandise imports during April-May this fiscal declined 10.24% to $107 billion. The merchandise trade deficit for April-May 2023 stood at $37.26 billion against $40.48 billion during April-May 2022.
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