The Ministry of Commerce & Industry, Government of India had issued a Public Notice, dated 28th April 2023, announcing new tariff rate quota (TRQ) applications until 7th May 2023 under tariff head 7108 under the India-UAE Comprehensive Economic Partnership Agreement (CEPA) for FY 2023-24.
The TRQ allows for reduced customs duty rates and will benefit traders and importers in both India and the UAE.aaa
This announcement is especially exciting for the gold industry as it allows TRQ holders under India-UAE CEPA to import gold directly through the India International Bullion Exchange (IIBX) with ease and transparency.
The provision for a 6-monthly review and the surrender of unutilised TRQ quantities ensures the effective and efficient utilisation of the TRQ.
The launch of ICEGATE at GIFT City SEZ on May 10 will open up processes for exporters of jewellery to take advantage of competitive rates when importing gold through IIBX.
Source:GJEPC
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