IFSCA Updates ITC (HS) Codes for Gold and Silver Imports via IIBX

  • Blog|News|Indian Acts|
  • 2 Min Read
  • By Taxmann
  • |
  • Last Updated on 5 June, 2025

Latest from Taxmann

IIBX bullion import codes

IFSCA-DMC/3/2023-Dept. of Metals and Commodities; dated: 02-06-2025

The International Financial Services Centres Authority (IFSCA) has amended the Import Trade Classification (Harmonised System), or ITC (HS) codes, concerning the import of gold and silver through the India International Bullion Exchange (IIBX).

1. DGFT Notification Sparks the Update

These changes come in response to Notification No. 08/2025-26, issued by the Directorate General of Foreign Trade (DGFT) on May 19, 2025. The notification introduced new ITC (HS) codes under Chapter 71 of the ITC (HS) 2022, Schedule I (Import Policy), which governs import regulations for precious metals and stones.

2. Objective – Streamlining Precious Metal Imports

The amendment aims to facilitate and streamline bullion imports through IIBX, India’s dedicated bullion exchange operating at GIFT City under IFSCA’s regulatory framework. By aligning the ITC (HS) codes with operational requirements, this update is expected to:

  • Simplify classification and reporting for gold and silver imports
  • Enhance regulatory clarity and transparency
  • Strengthen the role of IIBX in formalising bullion trading

3. Implications for Importers and Traders

With the new codes in place, importers, customs officials, and traders dealing through IIBX will need to update their documentation and systems accordingly. The revised classification will also aid in better monitoring and compliance under India’s precious metals import policy.

4. Conclusion

This step reflects India’s continued push towards formalisation and global integration of its bullion markets, with IIBX serving as a key gateway for transparent and efficient bullion imports. Stakeholders are advised to review the updated codes and align their processes as per the latest DGFT and IFSCA directives.

Click Here To Read The Full Updates

Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

  • The statutory material is obtained only from the authorized and reliable sources
  • All the latest developments in the judicial and legislative fields are covered
  • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
  • Every content published by Taxmann is complete, accurate and lucid
  • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
  • The golden rules of grammar, style and consistency are thoroughly followed
  • Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied

Leave a Reply

Your email address will not be published. Required fields are marked *

«
»

Everything on Tax and Corporate Laws of India

To subscribe to our weekly newsletter please log in/register on Taxmann.com

Author: Taxmann

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

  • The statutory material is obtained only from the authorized and reliable sources
  • All the latest developments in the judicial and legislative fields are covered
  • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
  • Every content published by Taxmann is complete, accurate and lucid
  • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
  • The golden rules of grammar, style and consistency are thoroughly followed
  • Font and size that's easy to read and remain consistent across all imprint and digital publications are applied