Govt tightens norms for gold jewellery exporters to curb misuse

Govt has already banned exports of gold jewellery above 22 carats

The Union government is considering more measures to stop malpractices in exports of gold jewellery, said two people familiar with the development. On Wednesday, the Noida Export Promotion Zone customs collector issued a trade notice asking gem and jewellery exporters not to directly import gold on a loan basis.

Commerce ministry and development commissioners of special economic zones (SEZs) are also working to make improvements on the export front, while discouraging malpractices on the part of the exporters, informed knowledgeable sources.

They will now have to take gold on loan only from nominated agencies and banks. SEZ units are usually allowed to