Govt imposes more gold import curbs on star houses to check round-tripping

Import by 4-star and 5-star export houses to be subject to actual user condition

In a move aimed at curing round-tripping, the Directorate General of Foreign Trade (DGFT) on Wednesday further tightened the norms for import of gold by four-star and five-star export houses with Nominated Agency Certificate and doing big business in the yellow metal.

Through notification 34, issued on October 18 amending the rules, DGFT effectively barred these export houses from importing for domestic consumption. “Henceforth, no nominated agency certificate shall be issued/renewed for four-star export house and five-star export house status holders. Import of gold by four-star and five-star houses with existing nominated agency certificate will be subject to actual user