ENA Sectors 2025-03-05 13:41:06 <p><span style="font-size:14px"><strong>New Delhi, Mar 5 (KNN) </strong>The Indian government has implemented new import regulations on platinum alloy with less than 99 percent purity, targeting potential exploitative trading practices.</span></p> <p><span style="font-size:14px">As of Wednesday, importers must now obtain authorisation from the Directorate General of Foreign Trade (DGFT) before bringing such alloys into the country.</span></p> <p><span style="font-size:14px">The move comes in response to discovered cases where platinum alloys blended with significant gold quantities were being imported to take advantage of tariff differentials between the two precious metals.</span></p> <p><span style="font-size:14px">By revising the import policy from free to restricted, the government aims to close potential loopholes in international trade mechanisms.</span></p> <p><span style="font-size:14px">Under the new guidelines, platinum alloys containing 99 percent or higher platinum purity will remain unrestricted, ensuring continued smooth supply for jewellery manufacturing and industrial applications.</span></p> <p><span style="font-size:14px">This nuanced approach demonstrates the government's intent to maintain legitimate trade while preventing potential fiscal circumvention.</span></p> <p><span style="font-size:14px">The decision follows recommendations from the economic think tank GTRI, which previously highlighted concerns about the India-UAE trade agreement.</span></p> <p><span style="font-size:14px">The think tank had pointed out that the current pact allows zero-tariff imports of precious metals, potentially creating opportunities for trade manipulation.</span></p> <p><span style="font-size:14px">In October 2024, India had already raised concerns with the UAE regarding increased imports of silver products, platinum alloys, and other commodities, urging careful examination of trade agreement compliance.</span></p> <p><span style="font-size:14px">The UAE had committed to investigating these potential rule circumventions, indicating ongoing diplomatic dialogue to ensure fair trading practices.</span></p> <p><span style="font-size:14px">The new import restrictions represent a strategic intervention to protect economic interests and maintain the integrity of international metal trading regulations.</span></p> <p><em><strong><span style="font-size:14px">(KNN Bureau)</span></strong></em></p> 41282 https://knnindia.co.in/news/newsdetails/sectors/govt-imposes-import-restrictions-on-platinum-alloy-to-prevent-illicit-trading 2025-03-05 13:41:06 knnindia.co.in