Follow quota system for gold exports: India to UAE

INDIA BRIEFED THE United Arab Emirates (UAE) on the recent changes in the way it allocated quota for imports of gold on concessional duties under the Comprehensive Economic Partnership Agreement (CEPA) to make the process more transparent.

- FE BUREAU

Through this briefing at the third meeting of the Joint Committee under the India—UAE CEPA the Indian side also sought to allay any concerns that UAE might have on the new process impacting its gold exports to India.

Under the CEPA India allows import of gold from UAE at duties which are 1% less than what it charges on imports from other locations. The amount of gold that can enter India through this route is capped at 200 metric tonnes under the Tariff Rate Quota (TRQ). In October-end by changing the rules India decided to allocate limits to authorised imports through competitive bidding or tender process.