Import curbs on certain types of studded gold jewellery not applicable for SEZ units: DGFT
Thu June 20 2024
The government has clarified that its decision to impose import curbs on certain types of studded gold jewellery is not applicable for units in the special economic zones (SEZs). On June 11, the directorate general of foreign trade (DGFT) through a notification imposed the restrictions to discourage inbound shipments of these items from countries like Indonesia and Tanzania.
"It is clarified that imports made by SEZ units (other than free trade warehousing zones)...are outside the purview of this notification," the directorate general of foreign trade (DGFT) has said in a policy circular.
The DGFT has said that it has received representations from SEZ units highlighting the issues faced by them due to this notification.
Goods under restricted category need a licence/permission from the government.
SEZs are key export hubs which contributed over one-third of the country's total outbound shipments in the last fiscal. These are enclosures that are treated as foreign territories for trade and customs duties, with restrictions on duty-free sales outside these zones in the domestic market.
Exports from these zones rose by over 4 per cent to USD 163.69 billion in 2023-24.
As many as 423 such zones have been approved by the government, out of which 280 are operational as of March 31 this year. As many as 5,711 units are approved in these zones till December 31, 2023.
Source: https://economictimes.indiatimes.com/