The International Financial Services Centres Authority (IFSCA) on May 03, 2024, issued a circular regarding the Import of UAEGD Gold through IIBX by valid India-UAE TRQ holders with reference to the IFSCA Circular 415/IFSCA/Consolidated Operating Guidelines/2023-24 dated December 13, 2023.
As per the aforementioned Circular, such valid holder of the India-UAE CEPA TRQ license/authorization is eligible to apply for being notified as ‘India-UAE CEPA TRQ holder’ by the IFSCA, to import UAEGD Gold under the India UAE CEPA through the India International Bullion Exchange (IFSC) Ltd. (IIBX).
Upon notification as a valid India-UAE CEPA TRQ holder by IFSCA, an entity remains a valid India-UAE CEPA TRQ holder eligible to undertake such imports through the IIBX for the duration of the TRQ license/authorization’s validity, unless surrendered or revoked, subject to adherence to the conditions as may be specified from time to time by the IFSCA and IIBX. 4.
In this regard, it is hereby clarified that IFSCA’s notification of an entity as a valid India-UAE CEPA TRQ holder shall remain valid for the subsequent financial year(s) as well, subject to the following conditions:
• it has been allotted TRQ license/authorization by the DGFT for that financial year, and
• it has been continually allotted TRQ license/authorization (i.e. every year or as per any other frequency at which DGFT may issue TRQ license/authorization) by the DGFT since it was originally notified by the IFSCA as a valid India-UAE CEPA TRQ holder.
The IIBX, before granting permission to an already notified valid India-UAE CEPA TRQ holder to import UAEGD gold under the India-UAE CEPA through it, shall ensure that such holder submits to it a copy of the newly issued TRQ license/authorization as issued by DGFT, which shall then be forwarded to the IFSCA.
[Circular No. 329/IFSCA/Bullion MIIs/2024-25/03]
