Government Clarifies SEZ Exemptions on Studded Gold Jewellery Import Curbs
Thu June 20 2024
The government clarified that import curbs on certain studded gold jewellery do not apply to special economic zones (SEZs). This decision came after receiving concerns from SEZ units. SEZs are crucial export hubs, contributing significantly to the country's exports and housing numerous approved units.
The government has clarified that its decision to impose import curbs on certain types of studded gold jewellery does not apply to units in special economic zones (SEZs).
On June 11, the directorate general of foreign trade (DGFT) issued a notification imposing these restrictions to curb inbound shipments from countries like Indonesia and Tanzania. ''However, imports made by SEZ units (excluding free trade warehousing zones) are exempt from this notification,'' the DGFT stated.
This clarification comes after SEZ units raised concerns about the notification's impact on their operations. Goods in the restricted category require a government license or permission for import.
SEZs play a vital role in India's exports, making up over one-third of the nation's outbound shipments last fiscal year. These zones, treated as foreign territories for trade, have strict rules on duty-free domestic sales. In the 2023-24 fiscal, exports from SEZs grew by over 4% to USD 163.69 billion.
As of March 2023, the government approved 423 SEZs, with 280 operational and 5,711 units approved by December 2023.
Source: https://www.devdiscourse.com/