Gold import and export bans, licences, quotas and punitive duties

When it was in force

4 examples

1. United States

   USA1934 → 1974Historical

   Its end is not documented · As cited: 30 January 1934 - 31 December 1974 (end per Pub. L. 93-373)

   Gold could be imported, exported or earmarked only under Treasury regulations and licences.

   Gold Reserve Act of 30 January 1934, section 3Primary source

   “Gold in any form may be acquired, transported, melted or treated, imported, exported, or earmarked or held in custody for foreign or domestic account (except on behalf of the United States) only to the extent permitted by”

   govinfo.gov (opens in a new tab)Checked: quote matched on the page by script

   United States today: index 42.9

2. United Kingdom

   GBR1968Historical

   Its end is not documented · As cited: 15-17 March 1968 (two-tier market from late March 1968)

   London gold market closed on 15 March 1968; on 17 March the gold-pool central banks decided to stop supplying gold to the London or any other gold market and to use official gold only for transfers among monetary authorities, creating separate official and private markets.

   Closure of the London gold market, 15 March 1968, and Washington gold pool statement of 17 March 1968Secondary source

   “The London gold market was closed on 15 March 1968 and the governors of the central banks of countries which were active contributors to the gold pool met in Washington”

   rba.gov.au (opens in a new tab)Checked: quote matched on the page by script

   United Kingdom today: index 44.4

3. India

   IND2013Historical

   Its end is not documented · As cited: From 4 June 2013

   Gold import letters of credit only on 100 per cent cash margin and all gold imports on documents-against-payment basis, except imports for gold-jewellery exporters.

   RBI A.P. (DIR Series) Circular No. 107 of 4 June 2013Primary source

   “all Letters of Credit (LC) to be opened by Nominated Banks / Agencies for import of gold under all categories will be only on 100 per cent cash margin basis”

   rbi.org.in (opens in a new tab)Checked: quote matched on the page by script

   India today: index 60.6

4. India

   IND2013Historical

   Its end is not documented · As cited: From 14 August 2013

   Gold coin and medallion imports prohibited, and at least one fifth of every lot of imported gold reserved for export (20/80 scheme), with domestic supply only against full upfront payment.

   RBI A.P. (DIR Series) Circular No. 25 of 14 August 2013 (80:20 scheme)Primary source

   “It shall be incumbent on all nominated banks/nominated agencies and other entities to ensure that at least one fifth, i.e., 20%, of every lot of import of gold imported to the country is exclusively made available for the purpose of exports”

   rbi.org.in (opens in a new tab)Checked: quote matched on the page by script

   India today: index 60.6

Examples and their dates reviewed Oct 21, 2026.

More capital controls

• Comprehensive exchange controls on payments and capital transfers abroad · 3 examples
• Surrender and repatriation requirements for foreign currency and gold · 3 examples
• Quotas on residents' foreign-currency purchases and outward remittances · 3 examples
• Interest equalization taxes on residents' purchases of foreign securities · 1 example
• Mandatory limits and approval regimes for outward investment · 2 examples
• End of private gold convertibility · 3 examples

Further reading

• Expanding the Landscape of Cross-Border Flow Restrictions: Modern Tools and Historical Perspectives · Bergant, Fernandez, Teoh, et al. · IMF, 2026
• Financial engineering is no substitute for interest rates: Lessons from Türkiye · Kara, Simsek · CEPR, 2026
• Argentina: Request for an Extended Arrangement Under the Extended Fund Facility—Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for Argentina (IMF Country Report No. 25/95) · IMF staff · IMF, 2025
• The Aftermath of Debt Surges · Kose, Ohnsorge, Reinhart, et al. · World Bank, 2021