IIBX To Offer Seamless Gold Imports Under India-UAE CEPA; ICEGATE To Go Live At GIFT City SEZ On 10th May

The Ministry of Commerce & Industry, Government of India had issued a Public Notice, dated 28th April 2023, announcing new tariff rate quota (TRQ) applications until 7th May 2023 under tariff head 7108 under the India-UAE Comprehensive Economic Partnership Agreement (CEPA) for FY 2023-24. The TRQ allows for reduced customs duty rates and will benefit traders and importers in both India and the UAE.

This announcement is especially exciting for the gold industry as it allows TRQ holders under India-UAE CEPA to import gold directly through the India International Bullion Exchange (IIBX) with ease and transparency. The provision for a 6-monthly review and the surrender of unutilised TRQ quantities ensures the effective and efficient utilisation of the TRQ.

Additionally, the upcoming launch of ICEGATE at GIFT City SEZ will open up processes for exporters of jewellery to take advantage of competitive rates when importing gold through IIBX.

Ashok Gautam, Managing Director & CEO, IIBX, told Solitaire, “This is an extremely important step and we are thankful to the authorities who have informed that ICEGATE will go live from 10th May 2023 at GIFT City SEZ. This is a very welcome development from IIBX’s perspective, as it will enable the TRQ holders under India-UAE CEPA to import their gold directly through IIBX in a transparent, democratic manner with the ease of desktop convenience. Further, the ICEGATE coming at GIFT City SEZ will open up the processes for allowing exporters of jewellery to also take gold through IIBX at competitive rates.”

The new TRQ applications under tariff head 7108 under India-UAE CEPA for FY 2023-24 will benefit traders and importers in both India and UAE by providing an opportunity to import goods at a reduced customs duty rate.

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