The government on Wednesday (October 29) said the allocations of tariff rate quota (TRQ) for gold under the free trade agreement between India and the UAE will be undertaken based on the competitive bidding/tender process.Under the agreement, India agreed to import up to 200 metric tonnes of gold annually from the UAE with a one per cent tariff or duty concession under the tariff rate quota (TRQ).Amending the procedure for allocation of TRQ for gold under the India-UAE trade pact, the Directorate General of Foreign Trade (DGFT) said in a trade notice that ”the allocations of TRQ for Gold under CEPA (comprehensive economic partnership agreement) will be undertaken based on the competitive bidding/tender process”.
Also Read: Chennai buyers shocked by a ₹2,000 jump in gold prices: ReportIt also said the eligible applicant must be registered with the Bureau of Indian Standards (BIS) for hallmarking and with GST. Import of Gold Dore under TRQ shall not be considered, it added. Eligible applicants can file their applications online through the DGFT website.Further, the time period permissible for submission of TRQ applications and the modalities for participation in the competitive online bidding/tender process will be notified through a trade notice every year, it said.Provisions have been amended to include the requirement of BIS Hallmarking registration and GST registration for the import of gold, within the TRQ framework of the India-UAE CEPA.Also Read: Gold prices drop in India as global cues turn softer: Should investors buy the dipFurthermore, to ensure greater transparency and effective management of TRQ allocations, the allocation of TRQ for gold under the India-UAE CEPA shall be undertaken through a competitive online bidding/tender process”, it added.
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