Current Affairs - International - Discussion

The government restricted imports of gold and silver items from South Korea in a bid to check spurt in inbound shipments of precious metals from that country. The importers will now have to obtain a license from the Directorate General of Foreign Trade (DGFT) for importing gold and silver from South Korea. Gold imports from South Korea has jumped to USD 338.6 million between July 1 and August 3 this year. The import in 2016-17 stood at USD 70.46 million. India is the world's second biggest gold consumer after China. The imports mainly take care of demand by the jewellery industry.