Gold Import: The government will soon notify a fresh window for the import of up to 140 MT of gold by manufacturers and traders of yellow metal from the UAE at a concessional rate under the India-UAE Comprehensive Economic Partnership Agreement (CEPA).
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The CEPA agreement is in force since May 1 last year. As per the agreement, India can import 140 MT in 2023-24 at a one per cent duty concession on the applied Most Favoured Nation (MFN) rate, which is 15 per cent.
Directorate General of Foreign Trade (DGFT) invited applications for Tariff Rate Quota (TRQ) for 2023-24 with the last date being February 28, 2023.
As many as 78 applications were received and a preliminary Exim Facilitation Committee (EFC) meeting was held on March 23, 2023, allocating TRQ provisionally subject to the fulfilment of extant guidelines or conditions.
Gold Rate Forecat Today: सोना एक ब्रेकआउट और GDP डाटा का इंतजार कर रहा है: Gold Import from UAE at Concessional Rate – New Window Soon to OpenIn view of the revision in the eligibility criteria for Gold TRQ under India-UAE CEPA issued vide public notice dated April 17, 2023, it has been decided that a fresh window for inviting new applications for Gold TRQ would be notified.
The Gold TRQ would be allocated to all applicants both 78 old and new applicants as per the revised guidelines.
As per the earlier notification,78 applications from manufacturers were received now but the fresh window will be open for all those who have Importer Exporter Code (IEC).
As per the DGFT, the fresh application process is not going to materially benefit a group or section of applicants.
There has been no revenue loss on account of TRQ for Gold, DGFT said, adding Gems and Jewellery export rose by 17 per cent to USD 4,982 million during the June-March period of 2022-23.
Further, it said, the TRQ applications are under scrutiny and TRQ licences have not been issued to any applicant as of date. Hence, any apprehension of favouring 78 jewellers is unfounded and is not based on truth. As per the CEPA, 110 MT of gold import was allowed at a concessional rate. Out of that, only 8.1 MT was imported.
The Indian government has announced that it will soon be opening a new window for the import of up to 140 metric tonnes (MT) of gold at a concessional rate under the India-UAE Comprehensive Economic Partnership Agreement (CEPA). This new provision will be available to both manufacturers and traders of yellow metal from the UAE.
The CEPA agreement has been in force since May 1 of last year. Under the agreement, India has the opportunity to import up to 140 MT of gold in 2023-24 with a one percent duty concession on the applied Most Favoured Nation (MFN) rate of 15 percent.
In order to apply for Tariff Rate Quota (TRQ) for 2023-24, the Directorate General of Foreign Trade (DGFT) invited applications, with the last date for submissions being February 28, 2023. A preliminary Exim Facilitation Committee (EFC) meeting was held on March 23, 2023, and 78 applications were received. TRQ was allocated provisionally to these applicants, subject to the fulfillment of extant guidelines or conditions.
However, in light of a revision in the eligibility criteria for Gold TRQ under India-UAE CEPA issued via public notice on April 17, 2023, a new window for inviting new applications for Gold TRQ will be notified. This new window will be open to all those who have an Importer Exporter Code (IEC) and will be allocated to all applicants, including the 78 old and new applicants, as per the revised guidelines.
The DGFT has stated that the fresh application process is not going to materially benefit any particular group or section of applicants. Furthermore, there has been no revenue loss on account of TRQ for Gold, and the DGFT has noted that Gems and Jewellery exports rose by 17 percent to USD 4,982 million during the June-March period of 2022-23.
It is important to note that the TRQ applications are still under scrutiny, and TRQ licenses have not yet been issued to any applicant as of the current date. Therefore, any apprehension of favoritism towards the 78 jewellers is unfounded and not based on truth.
As per the CEPA, only 8.1 MT of the allowed 110 MT of gold import was imported, indicating that there is significant room for growth in the import of gold from the UAE to India.
