India implements April 4 import limits on gold, silver, platinum
From April 4, India is putting strict new limits on importing gold, silver, and platinum items.
The government says this move is to stop traders from using loopholes in free trade agreements (FTAs) to bring in precious metals too easily.
These rules apply to all shipments under the relevant import codes, even those already in progress.
Crackdown targets FTA duty dodgers
The crackdown targets traders who were routing metals through FTA countries with barely any processing just to dodge import duties, a practice that was hurting local businesses and government revenue.
This will likely shake up the jewelry sector, which relies a lot on imported metals, and could make things tougher for artisans across India.
With global markets already jumpy due to Middle East conflicts and rising oil prices, these changes aim to keep things fair and better regulated at home.