CBIC enables gold imports by valid TRQ holders under India UAE CEPA

CBIC vide notification dated 22 December, 2023 has enabled gold imports by valid TRQ holders under India UAE CEPA subject to following conditions:

Importer shall follow the procedure set out in the Customs (Import of Goods at Concessional Rate of Duty or for Specified End Use) Rules, 2022 and Importer Exporter Code (IEC) of following agencies shall be used –

1. Nominated agencies as notified by Reserve Bank of India (RBI) (in case of banks),
2. Nominated agencies as notified by Directorate General of Foreign Trade (DGFT) (for other agencies),
3. Qualified jewelers (as notified by International Financial Services Centres Authority (IFSCA)) through India International Bullion Exchange (IIBX), or
4. Valid India UAE TRQ Holders as notified by IFSCA through India International Bullion Exchange (IIBX) against the TRQ and can obtain physical delivery of their imports through IFSCA registered vaults located in SEZs as per guidelines prescribed by the IFSCA.

Customs (Import of Goods at Concessional Rate of Duty or for Specified End Use) Rules, 2022 shall not be applicable if the importer and the TRQ Holder are the same entity.