The India International Bullion Exchange (IIBX) on January 05, 2024, issued a circular regarding the standard operating procedure for onboarding valid India-UAE TRQ holders to import UAEGD Gold under the India-UAE CEPA on India International Bullion Exchange IFSC Limited.
The following has been stated: -
With reference to IIBX circular no. 20231214-1 dated December 14, 2023, please note the following:
•International Financial Services Centres Authority (IFSCA) vide the aforesaid circular has facilitated valid holders of India - UAE Tariff Rate Quota (TRQ) license/authorisation for import of UAE Good Delivery (UAEGD) Gold under the India-UAE CEPA through IIBX.
•The application is to be submitted online through the IIBX portal.
•For ease of account opening process and to improve the turn-around time for onboarding the applicants under the ‘India-UAE TRQ holder’ category, IIBX shall provide online access to India International Depository IFSC Limited (IIDI) and to the Trading Members/Clearing members of IIBX for the common onboarding documents submitted with the application. The applicants by submitting the application to IIBX shall be deemed to have consented to sharing the common onboarding documents with IIDI and to the Trading Members/Clearing members of IIBX.
•Qualified Jewellers (QJs) of IIBX holding valid TRQ license/authorization allotted by DGFT under the India-UAE CEPA are also permitted to import UAEGD gold through IIBX under the India-UAE CEPA. Such QJs need not apply separately for being notified as ‘India-UAE TRQ holders’ by the IFSCA.
•It is important to note that as per Government of India, Ministry of Finance, Department of Revenue, Notification no. 66/ 2023 – Customs, New Delhi dated December 22, 2023 (copy attached as Annexure – II), the Customs (Import of Goods at Concessional Rate of Duty or for Specified End Use) Rules, 2022 shall not be applicable if the importer and the TRQ Holder are the same entity.
The detailed circular is given in the document attached below.
[Circular No. 20240105-1]
