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TRQ holders in India-UAE pact can import gold via IIBX bullion exchange
Indian jewellers having a valid license to import a specified quantity of gold at concessional customs duty from the UAE, under the free trade agreement, can import it through bullion exchange IIBX, according to a government notification.
The Directorate General of Foreign Trade (DGFT) notification also said that those companies can obtain the physical delivery of the consignment through IFSCA (International Financial Services Centres Authority) registered vaults located in special economic zones, as per the authority's guidelines.
The India-UAE free trade agreement, which came into force in May 2022, provides one per cent duty concessions to domestic importers on a specified quantity of gold under TRQ (tariff rate quota) provisions of the pact.
The DGFT provides TRQ certificate to companies for imports and they are also notified by IFSCA.
"Valid India UAE TRQ holders as notified by IFSCA can import gold through IIBX against the TRQ and can obtain physical delivery of the same thro