These restrictions are based on the announcement of the budget FY26 to introduce new HS (Uniform System) codes or tariff codes to provide at least 99% platinum with key items such as Golden Dole, Silver Dole and Platinum.
Some importers used this vulnerability to introduce products of 99% gold in Dubai, labeling it as a platinum alloy to take advantage of the lower tariffs of India-Oi CEPA.
To stop this abuse, the government has introduced new HS codes specifically targeting platinum containing 99% or more pure platinum. Only this category is eligible for tariff benefits under this Agreement. Imports under other platinum compositions are restricted. This effectively shuts down the route to importing gold disguised as platinum.
“This measure follows a budget announcement to create a separate HS code to ensure that gold imports do not occur in the name of platinum,” one official said. This consistency ensures consistency between customs duties and import regulations, one official added. Under the agreement, India agreed to import up to 200 tons of gold from the UAE and a 1% tariff discount based on the tariff rate quota (TRQ).
