Govt allows banks to import gold from UAE at concessional duty

The government has permitted Indian banks to import gold from the United Arab Emirates (UAE) at concessional duty within a specified annual quantity under the free trade agreement between the two countries, two people with direct knowledge of the matter said.

- Rajeev Jayaswal

The government has significantly liberalised norms for gold imports from the UAE under the Comprehensive Economic Partnership Agreement to include both qualified jewellers and banks authorised by the Reserve Bank of India (RBI), they said, requesting anonymity.

"Indian importers can take 1% duty advantage to import up to 140 tonnes of gold from the UAE in 2023-24. A recent notification issued by the revenue department on Friday specified eligibility criteria to avail the tariff rate quota," a government official said. Qualified jewellers were notified by the International Financial Services Centres Authority through the India International Bullion Exchange.