MUMBAI: The directorate general of foreign trade (DGFT) has banned imports and exports of gold and silver jewellery, coins, medallions, etc at zero duty from and to South Korea. Director General of foreign trade, Alok Vardhan Chaturvedi, has signed a notification to this effect on Friday. However, post GST, since VAT and excise were subsumed into the new indirect tax , doors opened for duty free imports from such destinations, causing consternation among many in the trade. The notification of Friday bans imports from S Korea with immediate effect.IBJA national secretary Surendra Mehta said the move was "timely" and would bring all gold imports "on an even keel." He said he hoped that the "malpractice " would not shift to other countries with whom India has signed FTAs.AGRM president Rajesh Khosla in an appeal to the government stated that between July 1-Aug 18, 21 tonnes of gold valued at close to $800 mn were imported duty free from South Korea .

Source: Economic Times August 25, 2017 17:03 UTC