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IBJA asks DGFT to scrap special gold import quota from the UAE

The Indian Bullion and Jewellers Association (IBJA) wants the Director General of Foreign Trade (DGFT) to scrap the special gold import quota from the UAE under the comprehensive economic partnership agreement allotted to 78 applicants this year, and call for fresh applications from eligible players.

In March, the DGFT allotted an import quota of 140 tonnes of gold to 78 applicants with one per cent lesser import duty than the usual under the scheme known as Tariff Rate Quota (TRQ).

The IBJA letter says the government exchequer stands to lose ₹750 crore to ₹800 crore due to incorrect allotment of TRQ quota of 140 tonnes of gold for FY24 in terms of UAE-CEPA agreement with 1 per cent lesser import duty.

Source: Hindu Businessline

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