Indian Jewellers Having Valid Licence To Import Gold Concessional Customs Duty From UAE Can Import It Through Bullion Exchange: DGFT

The Director General of Foreign Trade (DGFT) has notified that under the terms of the free trade agreement, Indian jewellers who hold a valid licence to import a certain amount of gold from the UAE at a reduced customs charge may do so through the bullion exchange IIBX.

The DGFT has amended the import policy conditions for gold under HS Code 71081200 in Chapter 71 of Schedule I (Import Policy) of ITC (HS) 2022.

The amendment specifies that valid India-UAE TRQ holders, as notified by the International Financial Services Centres Authority (IFSCA), are permitted to import gold through IIBX against the tariff-rate quota (TRQ). They can secure physical delivery of the imported gold through IFSCA-registered vaults situated in SEZs, adhering to the guidelines prescribed 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 through IFSCA registered vaults located in SEZs as per the guidelines prescribed by the IFSCA," the DGFT said.

As per the existing policy condition, imports are allowed only through nominated agencies as notified by the RBI (in the case of banks), DGFT (for other agencies), and IFSCA (for qualified jewellers through the India International Bullion Exchange). Gold dore can be imported by refineries against an import license with an AU condition.

However, as per the amended condition, imports are allowed through nominated agencies as notified by the RBI (in the case of banks) or nominated agencies as notified by DGFT (for other agencies) and Qualified Jewellers (as notified by the IFSCA) through the India International Bullion Exchange (IIBX). Valid India-UAE TRQ holders, as notified by the IFSCA, can import gold through IIBX against the TRQ and obtain physical delivery of the same through IFSCA-registered vaults located in SEZs as per the guidelines prescribed by the IFSCA. Gold dore can be imported by refineries against an import license with an actual user (AU) condition.

Notification No. 44/2023

Date: 20.11.2023

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