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Apr 29, 2024

IFSCA Notified Guidelines on Import of Gold by TRQ Holders under India UAE-CEPA

The RBI on May 25, 2022, had released a Circular permitting Authorised Dealer Category-I banks to remit advance payment on behalf of Qualified Jewellers as notified by International Financial Services Centres Authority (‘IFSCA’), for a period of 11 days, for import of gold through India International Bullion Exchange IFSC Ltd (‘IIBX’). Further, by way of Notification dated November 20, 2023, issued by the Directorate General of Foreign Trade (‘DGFT’), valid Tariff Rate Quota (‘TRQ’) holders under the India-United Arab Emirates (‘UAE’) Comprehensive Economic Partnership Agreement (‘CEPA’) as notified by the IFSCA are permitted to import gold under specific ITC(HS) codes through IIBX against the TRQ. Through the current Circular, issued on January 31, 2024, all valid TRQ Holders under the India-UAE CEPA have been permitted to remit advance payment for import of gold through IIBX against TRQ for 11 days.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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