Mumbai: The government has banned the import of platinum with less than 99 percent purity. It is believed that this decision has been taken under efforts to prevent illegal imports of platinum mixed platinum in gold.
The notification issued by the DGFT states that the importers of platinum alloys will now have to receive the import authority from the Directorate General of Foreign Trade (DGFT). The government’s decision came when it was found that the importers were importing a large amount of gold with platinum keeping in mind the difference in import duty between gold and platinum. Currently, the country imposes 6 percent on gold and 6.40 percent on platinum.
The notification issued by DGFT stated that platinum import policy has been changed, under which platinums with 99% or more purity have been exempted from imports, while platinums with less than 99% purity are included in the list of restricted items. The government has allowed free imports of 99 percent or more purity to ensure supply of platinum for jewelery production.
