The Indian Bullion and Jewellers Association (IBJA) is requesting that the Director General of Foreign Trade (DGFT) cancel the special gold import quota from the UAE that was allotted to 78 applicants this year under the comprehensive economic partnership agreement and invite new applications from qualified parties.
In March, the DGFT distributed 140 tonnes of gold import quota to 78 applicants under the Tariff Rate Quota (TRQ) programme with 1% lower import tariff than usual.
According to the IBJA letter, the government exchequer stands to lose between 750 and 800 billion rupees as a result of the wrong allocation of the TRQ quota of 140 tonnes of gold for FY24 under the UAE-CEPA agreement with 1% lower import tariff.