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

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