Gold Import Norms
Procedure laid out for filing applications for gold bullion import from UAE
The government on Wednesday laid out a procedure for filing applications of import of gold bullion at concessional duty in 2025-26 under a free trade agreement (FTA) with the UAE. The agreement, officially dubbed as Comprehensive Economic Partnership Agreement (CEPA), came into force on May 1, 2022. Under the agreement, India agreed to import up to 200 metric tonnes of gold annually from the UAE with a 1 per cent tariff concession under tariff rate quota (TRQ). The Directorate General of Foreign Trade (DGFT) in a trade notice said the last date for submitting the applications for 2025-26 is February 28 this year. The applicants will also have to indicate the purpose of gold import -- for manufacturing, trading or both. Besides they have to provide turnover details, it said, adding, "the modalities of allocation of 180 ton shall be decided by the special EFC (Exim Facilitation Committee) in its first meeting based on the information and details available before the committee". In
 "Procedure laid out for filing applications for gold bullion import from UAE")
Budget 2024: GJEPC seeks import duty cuts on gold, polished diamonds
Ahead of the Union Budget, the Gem and Jewellery Export Promotion Council (GJEPC) have urged the government to reduce import duty on gold and cut and polished diamonds to help the sector stay competitive globally. India's gem and jewellery industry is dependent on imports for raw materials, including gold, diamonds, silver, and coloured gemstones. The GJEPC seeks a reduction in import duty on precious metals to 4 per cent from the current 15 per cent. It demands bringing down customs duty on cut & polished diamonds to 2.5 per cent from 5 per cent at present. The apex industry body stated that imposing higher import duty on cut and polished gemstones would lead to reduced exports, fewer employment generation in the jewellery industry thereby making survival difficult due to losing competitive edge to other competing countries like China and Thailand. It urged the government to introduce the Diamond Imprest Licence again and cut import duties. This will provide a level playing field
 "Budget 2024: GJEPC seeks import duty cuts on gold, polished diamonds")
India tightens norms to restrict gold import only for export purposes
India is the world's second-largest gold consumer importing on an average 75 tonnes every month in 2017
 "India tightens norms to restrict gold import only for export purposes")
