CBIC allow valid TRQ holders to Import Gold under the India-UAE CEPA

The Central Board of Indirect Taxes and Customs (CBIC) allowed valid TRQ holders to Import Gold under the India UAE CEPA via issuing a notification.

The Official Notification Stated:

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary for the public interest so to do, hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue) No. 22/2022-Customs, dated the 30th April 2022, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (i), vide number G.S.R. 328 (E), dated the 30th April 2022, namely:

In the said notification, in the Annexure, in the Table, for Condition No. 2 and the entries relating thereto, the following Condition No. and entries shall be substituted, namely:

“2 (c) Importer-Exporter Code (IEC), mentioned in Tariff Rate Quota (TRQ) authorization specified in clause (b) of Condition No. 1, shall be Importer Exporter Code (IEC) of – a.nominated agencies as notified by Reserve Bank of India (RBI) (in case of banks), b.nominated agencies as notified by Directorate General of Foreign Trade (DGFT) (for other agencies), c.qualified jewellers (as notified by International Financial Services Centres Authority (IFSCA)) through India International Bullion Exchange (IIBX), or d. Valid India UAE TRQ Holders as notified by IFSCA through India International Bullion Exchange (IIBX) against the TRQ and can obtain physical delivery of their imports through IFSCA registered vaults located in SEZs as per guidelines prescribed by the IFSCA.

(d) the importer follows the procedure set out in the Customs (Import of Goods at Concessional Rate of Duty or for Specified End Use) Rules, 2022: Provided that the Customs (Import of Goods at Concessional Rate of Duty or for Specified End Use) Rules, 2022, shall not be applicable if the importer and the TRQ Holder are the same entity.”

For Official Notification Download the PDF Given Below: