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GIFT City Update – Amendments to ITC(HS) Codes for the Import of Gold and Silver through IIBX

Corporate Law Brief, July - September 2021

GIFT City Update: Amendments to ITC(HS) Codes for the Import of Gold and Silver through IIBX

The International Financial Services Centres Authority (“IFSCA”), in exercise of powers conferred under Section 12 and Section 13 of the International Financial Services Centres Authority Act, 2019, vide Circular No. IFSCA-DMC/3/2023-Dept. of Metals and Commodities,[1] dated June 02, 2025, has issued a set of amendments in response to the Directorate General of Foreign Trade’s (DGFT) notification dated May 19, 2025, which modified the ITC(HS) codes governing the import of gold and silver (“Circular”). The amendments made through the Circular shall come into effect immediately.

The changes made through the Circular are aimed at streamlining the import process for qualified jewellers and financial entities under the revised provisions of the Finance Act, 2025.

I. Amendments to Circulars:

    A. Circular No. F No. 329/IFSCA/Bullion MIIs/2023-24/02 (Import of Gold and Silver by Qualified Jewellers through IIBX):

      1. The references to regarding ITC(HS) Codes have been amended.
      2. The Qualified Jewellers, as notified by the IFSCA, shall now be allowed to import gold under ITC(HS) Code 71081210.
      3. The Qualified Jewellers, as notified by IFSCA, shall also be authorized to import silver in the form of grains [containing 99.9% (Ninety Nine Point Nine Percent) or more by weight] under ITC(HS) Code 71069120.
      4. Further, the import of silver bars under ITC(HS) Code 71069221 shall now be allowed without restrictions, subject to RBI regulations. Qualified Jewellers shall be permitted to import silver bars under this code via IIBX.

      B. Circular No. 415/IFSCA/Consolidated Operating Guidelines/2023-24 (Import of UAEGD Gold through IIBX): The reference to ITC(HS) Code 71081200 has been substituted with the new ITC(HS) Code 71081210.

      C. Circular No. 329/IFSCA/Bullion MIIs/2024-25/01 (Import of Gold and Silver by Indian Banks through IIBX):

      1. Special Category Client Banks (“SCC Banks”) shall now be permitted to import gold bars containing 99.5% (Ninety Nine Point Five Percent) or more by weight under ITC(HS) Code 71081210.
      2. SCC Banks shall also be authorized to import silver in the form of grains (containing 99.9% or more by weight) under ITC(HS) Code 71069120 and in the form of bars under ITC(HS) Code 71069221.

      [1]https://ifsca.gov.in/Viewer?Path=Document%2FLegal%2Ffinal_circular_hsn_codes02062025065843.pdf&Title=Amendments%20to%20the%20ITC%28HS%29%20codes%20for%20the%20import%20of%20Gold%20and%20Silver%20%20through%20IIBX&Date=02%2F06%2F2025