In a notification on Tuesday, July 12, 2022, Central Board of Indirect Taxes and Customs have placed gold, silver, precious and semi-precious stones, jewellery and related products on the list of shipments that will be controlled. This announcement means that international trade or import and export of precious metals cannot take place without the knowledge and supervision of a proper officer. The officer concerned can also place tracking device in case of suspected consignments.

This control of shipment has been placed on gold, silver, precious and semi-precious stones, currency, antiques and several other goods under the so-called Controlled Delivery (Customs) Regulations, 2022, for tracing persons involved in shipment of such goods. Other items included on the list are narcotic drugs, psychotropic substances, precursor chemicals, controlled substances or their substituents; liquor and other intoxicating drinks; counterfeit currency or negotiable instruments; cigarettes, tobacco and tobacco products and wildlife products, according to a notification.

Under the regulations, the specified revenue authority can approve a controlled delivery of import or export of such suspect shipments, with due consultation with competent authorities of foreign countries. The customs officer may, if needed, mark or install tracking devices on consignments of above goods and complete the delivery of such goods to identify the person believed to be involved in commission of an offence in relation to the consignment.

In cases where the customs officer cannot receive approval prior to making such a controlled delivery, the officer must seek the approval immediately afterwards, but no later than 72 hours after the said delivery. If such a delivery is terminated before completion, the officer should take action as warranted in normal course, according to the notification.

News courtesy to moneycontrol.com and zeebiz.com