Under the India-UAE CEPA, the DGFT reallocates the special gold import quota to 341 applicants.

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.

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