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DGFT reallocates special gold import quota to 341 applicants under India-UAE CEPA

After scrapping an earlier controversial decision, the Director General of Foreign Trade (DGFT) has reallocated the special gold import quota of 140 tonnes, roughly worth more than $10 billion, to 341 applicants under the India-UAE comprehensive economic partnership agreement. The majority of the approved applicants have been allocated an import quota of 465 kg of gold, which will attract one per cent lesser import duty than usual. The import quota is for the current financial year.

The special gold import quota is part of India's bilateral deal with the UAE, which will allow approved bullion traders to import 140 tonnes of gold with one per cent lesser import duty than the usual under the scheme known as Tariff Rate Quota (TRQ).

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