(Reuters) – India on Wednesday restricted imports on plain gold jewellery, as the world’s second-largest consumer of the precious metal tries to plug loopholes in its trade policy.
Import of articles of gold have been put under restriction category from free category, a government notification said, adding that import under INDIA-UAE CEPA agreement would be allowed without any import license.
The move comes as importers over the last few months have been using a policy flaw to source plain gold jewellery from Indonesia without paying any import taxes.
(Reporting by Jose Joseph and Shivangi Acharya; Editing by Arun Koyyur)
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