Government Bans Export of Gold Items Above 22-Carat Purity

The government has banned exports of gold jewellery, medallions and other articles above 22- carat purity in a bid to check round tripping of the precious metal.

According to the Directorate General of Foreign Trade (DGFT), certain provisions of the foreign trade policy (2015-20) are amended to allow export of gold jewellery and articles containing gold of 8 carats and above up to a maximum limit of 22 carats only from domestic tariff area and export-oriented units, electronics hardware technology parks, software technology parks and bio technology parks.

Important Takeaways from Above News-
  • India is the world’s second-biggest gold consumer after China.
Source- The Economic Times

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