The Indian government unveiled detailed procedures on Wednesday for importing gold bullion from the United Arab Emirates at preferential rates during the 2025-26 fiscal year, operating under the framework of their existing free trade agreement.
The Comprehensive Economic Partnership Agreement (CEPA), which took effect on May 1, 2022, permits India to import up to 200 metric tonnes of gold annually from the UAE with a one percent tariff concession under a tariff rate quota system.
The Directorate General of Foreign Trade has set February 28, 2024, as the deadline for submission of import applications. Prospective importers must specify their intended use of the gold, whether for manufacturing or trading purposes, or a combination of both.
The applications must also include detailed turnover information, with the special Exim Facilitation Committee (EFC) determining the allocation methodology for 180 tonnes during its inaugural meeting based on submitted documentation.
In a related development, the DGFT has also issued a separate notice calling for applications regarding the import allocation of calcined petroleum coke for the aluminium industry and raw petroleum coke for CPC manufacturing operations in 2025-26.
Calcined petroleum coke, a crucial industrial material, is produced through the processing of raw petroleum coke, which emerges as a by-product during oil refining operations.
