Budget puts a check on illegal gold imports being done using UAE trade deal loophole
The Union Budget has put a check on illegal imports of gold under the disguise of platinum alloy, which was being done using a loophole in the trade deal with UAE under the Comprehensive Economic Partnership Agreement (CEPA).
The Budget has introduced a separate HS (Harmonised System) code for platinum alloy so that no other metals can be mixed with platinum except those belonging to the same family like palladium, ruthenium, rhodium and iridium.
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