New Delhi: The Center has provided another facility to jewelers who import gold from the UAE on subsidized customs duty under the Free Trade Agreement.
The Directorate General of Foreign Trade (DGFT) has issued a notification allowing such traders to import gold from the UAE through the India International Bullion Exchange IFSC Limited (IIBX).
Imported gold can also be obtained in physical form, it said. IFSCA said physical gold should be procured through registered vaults. It is noteworthy that the free trade agreement between India and UAE will come into force from May 2022.
Under the Tariff Rate Quota (TRQ) rules, domestic importers are allowed to import a specified quantity of gold at subsidized duty.
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