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 a separate notice, the DGFT has sought applications for allocation of quantities for import of calcined petroleum coke for aluminium industry and raw petroleum coke for CPC manufacturing industry for 2025-26.
Calcined Petroleum Coke (CPC) is made from raw petroleum coke, which is a byproduct of oil refining.
Source Name : Economic Times