International Trade of Gold and Silver: With gold and silver placed on the restricted supply list, the government’s grip on foreign trade in these precious metals is now tightening.
The import-export of gold and silver will be under the supervision of the Special Officer. These precious metals cannot be imported or exported from India without the knowledge and supervision of the Special Officer.
Apart from gold and silver, the government has included jewellery, precious stones, gold jewellery, drugs, antiques, cigarettes etc. in the control list. The government has issued a notification in this regard.
All items on the Controlled Distribution List will be traded under the supervision of the Special Officer. The concerned authority may also install monitoring devices if it feels that the export of restricted list items, including gold, is taking place suspiciously.
Under the new rule, the Special Authority can approve the import or export of certain goods (goods included in the restricted list) from India.
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The Special Officer shall file a report in Form-I for such export and the report prepared by the Special Officer shall be placed before the Designated Officer for approval of such controlled supply.
The manner in which the suspect shipment was delivered
With the approval of the officer designated for surveillance in relation to trade in goods on the Control List, the Special Officer may, if necessary, fit devices to monitor suspicious shipments. After the distribution of control is completed, the Special Officer shall submit a report thereof to the Designated Authority.
If the suspect shipment is sent to another country, the designated officer shall, on receipt of the report under sub-regulation (8), inform the competent authority of the foreign country of the termination of the trade.
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