Gems and Jewellery export rose by 17 per cent to $4,982 million through the June-March interval of 2022-23. (Representative picture/AP)
Under India-UAE CEPA, India can import 140 MT gold in 2023-24 at a one per cent obligation concession on the utilized most-favoured nation charge, which is 15 per cent
Gold merchants and producers will quickly have the ability to import gold from UAE at a concessional charge, as the federal government plans to inform a contemporary window for the import of as much as 140 MT of gold by them from the Middle Eastern area. This facility can be below the India-UAE Comprehensive Economic Partnership Agreement (CEPA).
Under the CEPA that got here into power on May 1 final yr, India can import 140 MT gold in 2023-24 at a one per cent obligation concession on the utilized most-favoured nation (MFN) charge, which is 15 per cent.
The Directorate General of Foreign Trade (DGFT) invited purposes for Tariff Rate Quota (TRQ) for 2023-24 with the final date being February 28, 2023. As many as 78 purposes have been obtained and a preliminary Exim Facilitation Committee (EFC) assembly was held on March 23, 2023, allocating TRQ provisionally topic to the fulfilment of extant pointers or situations.
In view of the revision within the eligibility standards for Gold TRQ below India-UAE CEPA issued vide public discover dated April 17, 2023, it has been determined {that a} contemporary window for inviting new purposes for Gold TRQ can be notified.
The Gold TRQ can be allotted to all candidates each 78 outdated and new candidates as per the revised pointers.
As per the sooner notification, 78 purposes from producers have been obtained now however the contemporary window can be open for all those that have Importer Exporter Code (IEC).
As per the DGFT, the contemporary utility course of will not be going to materially profit a gaggle or part of candidates.
There has been no income loss on account of TRQ for Gold, DGFT stated, including Gems and Jewellery export rose by 17 per cent to USD 4,982 million through the June-March interval of 2022-23.
Further, it stated, the TRQ purposes are below scrutiny and TRQ licences haven’t been issued to any applicant as of date. Hence, any apprehension of favouring 78 jewellers is unfounded and isn’t primarily based on reality.
As per the CEPA, 110 MT of gold import was allowed at a concessional charge. Out of that, solely 8.1 MT was imported.
(With Inputs From PTI)
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