Govt stops import incentives for gold medallion export

Representative image. Reuters photo

The government has withdrawn incentives being given to exporters of gold medallions and coins for import of raw material, according to a notice by the commerce ministry.

"Advance Authorisation shall not be issued where items of export are gold medallions and coins or any jewellery/articles manufactured by fully mechanised process," the Directorate General of Foreign Trade (DGFT) said in a notice.

An Advance Authorisation is issued to allow duty free import of inputs, which are physically incorporated in export products.

DGFT is under the commerce ministry.

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