India has restricted the imports of palladium, rhodium and iridium alloy with over 1% gold by weight, according to a government notification, in a bid to check duty evasion in the import of gold.
The move is meant to prevent import of gold at a lower duty in the guise of alloys, according to government officials who spoke to NDTV Profit on the condition of anonymity.
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While palladium, rhodium and iridium are platinum group metals, they're not classified as rare earth metals.
Gold attracts a high import duty, with bars and coins taxed at about 6.6%, dore bars at 6% and jewellery at 22%. On the other hand, palladium, rhodium and iridium are free to import, leading to some importers allegedly bringing in gold disguised as low-duty alloys or mixed metals, claiming it's not pure gold.
These "alloys" are then chemically processed to extract pure gold, allowing traders to pay lower duties, while bringing high-value pure gold into the market.
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