The Reserve Bank of India (RBI) on January 31, 2024, issued a notification regarding Guidelines on the import of gold by Tariff Rate Quota (TRQ) holders under the India-UAE CEPA as notified by–The International Financial Services Centres Authority (IFSCA).
Further, the attention of AD Category-I banks is invited to Notification No.44/2023 dated November 20, 2023, issued by DGFT, in terms of which, valid Tariff Rate Quota (TRQ) holders under the India-United Arab Emirates (UAE) Comprehensive Economic Partnership Agreement (CEPA) as notified by the IFSCA have been permitted to import gold under specific ITC(HS) code through IIBX against the Tariff Rate Quota (TRQ).
Accordingly, it has been decided that subject to the directions as mentioned in A.P. (DIR Series) Circular No.04 dated May 25, 2022, AD Category-I banks may allow valid TRQ holders under the India-UAE CEPA to remit advance payment for eleven days for import of gold through IIBX against the TRQ.
AD Category-I banks may bring the contents of this circular to the notice of their constituents and customers concerned.
[Notification No. RBI/2023-24/118 A.P. (DIR Series) Circular No.14]
