IIBX circulates SoPto import UAEGD Gold

According to the IIBX, they circulated Standard operating Procedure (SoP) for on boarding valid India-UAE TRQ holders to import UAEGD Gold under the India-UAE CEPA on India International Bullion Exchange IFSC Limited (IIBX).  

International Financial Services Centres Authority (IFSCA) vide the aforesaid circular has facilitated valid holders of India – UAE Tariff Rate Quota (TRQ) license/authorisation for import of UAE Good Delivery (UAEGD) Gold under the India-UAE CEPA through IIBX.

Such valid holders of India – UAE CEPA Tariff Rate Quota (TRQ) license/authorisation are eligible to apply to IIBX for being notified as, India-UAE TRQ holder by the IFSCA. After being notified by the IFSCA, they will be permitted to participate on IIBX, through Bullion Trading Members, for transacting in (buying only) UAEGD gold for import under the India-UAE CEPA, subject to the quota, and other applicable terms and conditions.

The application is to be submitted online through the IIBX portal link https://membership.iibx.co.in/ .  The user manual for online submission of application is available after registration through the given link.

For ease of account opening process and to improve the turn-around time for on boarding the applicants under ‘India-UAE TRQ holder’ category, IIBX shall provide online access to India  International Depository IFSC Limited (IIDI)  and to the Trading Members/Clearing members of IIBX for the common on boarding documents submitted with the application.

The applicants by submitting the application to IIBX shall be deemed to have consented to sharing of the common on boarding documents to IIDI and to the Trading Members/Clearing members of IIBX. Qualified Jewellers (QJs) of IIBX holding valid TRQ license/authorization allotted by DGFT under the India-UAE CEPA are also permitted to import UAEGD gold through IIBX under the India-UAE CEPA. Such QJs need not apply separately for being notified as ‘India-UAE TRQ holders’ by the IFSCA. It is important to note that as per Government of India, Ministry of Finance, Department of Revenue, Notification no. 66/ 2023 – Customs, New Delhi dated December 22, 2023, the Customs Rules, 2022 shall not be applicable if the importer and the TRQ Holder are the same entity.

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