NEW DELHI: The Centre has imposed a limit on duty-free gold imports under the advance-authorisation scheme for exporters at a maximum of 100 kg per licence in a move aimed at curbing diversion of imported gold into the domestic market to make a fast buck amid concerns over the soaring import bill, which is draining precious foreign exchange reserves. Under the revised norms issued by the Directorate General of Foreign Trade, first-time applicants seeking permission to import gold will now undergo mandatory physical inspection of their manufacturing units by DGFT officials before authorisation is granted. (IANS)
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