The International Financial Centre Service Authority (IFSCA) on December 13, 2023, issued a notification regarding the import of UAEGD Gold through IIBX by valid India-UAE TRQ holders.
The following has been stated namely: -
• It has been decided that the valid holders of India - UAE Tariff Rate Quota (TRQ) license/authorization as allotted by DGFT shall now be eligible to be notified as ‘India-UAE TRQ holders’ by the IFSCA, for the purpose of such imports.
• It states that such valid India-UAE TRQ holders shall be permitted to participate on IIBX, through Bullion Trading Members, for transacting in (‘buying’ only) UAEGD gold for import under the India-UAE CEPA, subject to the quota, and other applicable terms and conditions.
• The QJs that hold valid TRQ license/authorization under the India-UAE CEPA shall also be permitted to import UAEGD gold through IIBX under the India-UAE CEPA. Such QJs shall not be required to apply separately for being notified as ‘India-UAE TRQ holders’ by the IFSCA.
• It states that the IIBX in coordination with India International Depository IFSC Limited (IIDI), shall prescribe the Standard Operating Procedures for the process of onboarding the valid India-UAE TRQ holder.
• It states that the import by valid India-UAE TRQ holders through IIBX, under the India-UAE CEPA, shall be in accordance with the TRQ Scheme governed by the applicable guidelines and Handbook of Procedures under the extant Foreign Trade Policy prescribed by DGFT and Customs on import of gold through IIBX.
• It further states that the valid India-UAE TRQ holders shall ensure that they undertake the import of UAEGD gold through IIBX, including the remittance of funds for the purpose, in compliance with the provisions of the ‘Master Direction – Import of Goods and Services’ and other relevant Circulars/Guidelines/Notifications issued by the RBI from time to time regarding the import of gold.
[Circular No. 415/IFSCA/Consolidated Operating Guidelines/2023-24]
