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The Government of India will soon notify a window for the import of up to 140 MT of gold by manufacturers and traders of yellow metal from UAE at a concessional rate under the India-UAE Comprehensive Economic Partnership Agreement (CEPA), Directorate General of Foreign Trade (DGFT) official said on Thursday.
The CEPA agreement is in force since May 1 last year. As per the agreement, India can import 140 MT in 2023-24 with a one per cent duty concession on the applied Most Favoured Nation (MFN) rate, which is 15 per cent. Earlier Directorate General of Foreign Trade (DGFT) invited applications for Tariff Rate Quota (TRQ) for 2023-24 with the last date being February 28, 2023. According to DGFT, 78 applications were received and a preliminary Exim Facilitation Committee (EFC) meeting was held on March 23, 2023, allocating TRQ provisionally subject to the fulfilment of extant guidelines or conditions. DGFT clarified that in view of the revision in the eligibility criteria for Gold TRQ under India-UAE CEPA issued vide Public Notice dated April 17, 2023, it has been decided that a fresh window for inviting new applications for Gold TRQ would be notified. "Gold TRQ would be allocated to all applicants both 78 old and new applicants as per the revised guidelines," a DGFT official said. As per the earlier notification,78 applications from manufacturers were received now but the fresh window will be open for all those who have Importer Exporter Code (IEC). Jewellers will get the time for one week once the window for applications is opened, it mentioned. As per the DGFT, the fresh application process is not going to materially benefit a group or section of applicants. "TRQ applications are under scrutiny and TRQ licences have not been issued to any applicant as of date. Hence, any apprehension of favouring 78 jewellers is unfounded and is not based on truth," the official mentioned. As per the CEPA, last year 110 MT of gold import was allowed at a concessional rate out of that only 8.1 MT was imported. From June 2022 to March 2023 export of Gems and Jewellery to UAE has seen growth of 17 percent. India exported Gems and Jewellery worth USD 4982 mn from June 2022 to March 2023 as against USD 4273 mn. (ANI)
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