Govt bans exports Gold Jewellery above 22 carats

New Delhi Aug 16: A shock has been felt.The union government on Wednesday has banned the exports of Gold Jewellery, Medallions and other articles above 22-carat purity.Sources say that the government has taken this step to check round tripping of the precious metal.

Directorate General of Foreign Trade (DGFT) has issued a notification amending some of the rules of Foreign Trade POlicy (2015-20).

However a relief was given. The government has allowed the export of Gold Jewelry (plain or studded), articles containing gold of 8 carats and above up to a maximum limit of 22 carats. The above items can only be exported from the following areas

# Domestic tariff area.
# Export-oriented units.
# Electronics hardware technology parks.
# Software technology parks.
# Bio technology parks.

The government has also provided some incentives for exporting gold articles between 8 and 22 carats.

However, the Industry experts said that this decision wouldn't affect exports because these items are exported in a lesser quantity.