The Director General of Foreign Trade (DGFT) has reassigned the 140 tonnes of special gold import quota, or roughly more than $10 billion, to 341 applicants under the India-UAE Comprehensive Economic Partnership Agreement after reversing an earlier contentious decision. The bulk of the approved applications have each been given a 465 kg gold import quota, which will be subject to a 1% lower import charge than usual. This fiscal year’s import quota is in effect.
As a result of the bilateral agreement between India and the UAE, licenced bullion traders will be able to import 140 tonnes of gold with a 1% lower import charge than usual thanks to the Tariff Rate Quota (TRQ) programme.