India restricts import of colloidal precious metals to curb gold smuggling

The move comes amid a slight decline in gold imports during April–May, which totaled USD 5.64 billion. Colloidal precious metals are suspensions of gold or silver nanoparticles dispersed in a liquid

New Delhi: The government has imposed import curbs on certain colloidal precious metals, with an aim to check the illegal inflow of gold into India in liquid form. Colloidal precious metals are suspensions of gold or silver nanoparticles dispersed in a liquid.

According to industry experts, some importers were using this route for imports from countries like Thailand. “The import policy of items covered under CTH 2843 is revised from free to restricted with immediate effect,” the Directorate General of Foreign Trade said in a notification.

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Goods under this number include colloidal precious metals, inorganic or organic compounds of precious metals. In a separate notification, the Directorate said that the import of Palladium, Rhodium and Iridium alloy consisting of gold more than 1 per cent by weight is restricted. Gold imports in April-May this fiscal year dipped by 3.82 per cent to USD 5.64 billion.