New Delhi (India), 28th April 2023: Following adjustments to the eligibility requirements that enabled only manufacturers and jewellers to use this window, the government decided on Thursday to call for new applications to import gold at concessional tariffs from the United Arab Emirates (UAE).
Santosh Sarangi, Director General of Foreign Trade, stated on Thursday that easing these restrictions was already being discussed with the Department of Revenue when an export facilitation committee (EFC) met on March 23 to consider applicants for the 140 metric tonnes of gold import quota available for this year.
Following the notification of the revised import norms on March 31, a public notice was released on April 17, and the minutes of the March meeting were only finalised on April 18.
The EFC met again on Thursday and resolved that a new window for applications would be announced, and that allocations would be granted to all applicants in accordance with the updated rules.
The provisional allocations made during that meeting to 78 applicants will now be reconsidered alongside further bids, which are expected to be opened on Friday.
Commenting on the allegations of favouring particular jewellers, Sarangi said, “Any apprehension that 78 jewellers have been favoured is unfounded.”
The India-UAE Comprehensive Economic Partnership Agreement (CEPA), which went into effect last May, permitted duty-free imports of Indian gems and jewellery as well as a 1% import duty discount on gold exports to India.
However, the UAE had asked India to reconsider the limits on gold imports by non-manufacturing players, citing them as a trade obstacle even after a bilateral free trade agreement.
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