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GIFT City nominated to import 200 tonne gold from UAE

Piyush Goyal, Union Minister of Commerce and Industry, said during his visit to Gujarat that GIFT City would be nominated as an agency to import 200 tonnes of gold from the United Arab Emirates (UAE).

“I have taken a decision which profits GIFT City and its expansion. Recently, we signed an FTA with the UAE. This agreement has come into force from May 1 under which almost 100 per cent of items exported to the UAE will go as duty-free. We have also allowed some items to be imported from the UAE with lesser duty. In order to encourage our gem and jewellery sector, 200 tonnes of gold will be brought at discounted rates to India. We will nominate GIFT City as the agency to import the gold,” said Goyal during his interaction with media persons at iHub, a student startup and innovation hub in Ahmedabad.

Goyal, who visited GIFT City at Gandhinagar and interacted with officials, said the imported gold will be distributed across the country from GIFT City.

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