Government approves 160 tons of UAE gold import at concessional rates this fiscal
Under the Comprehensive Economic Partnership Agreement, India will import 160 tonnes of UAE gold this year
India to Import 160 Tons of Gold from UAE at Concessional Rates for 2024-25
An official said on Tuesday that the government has recommended traders to build on the import of 160 tonnes of gold from the deal for the year 2024-25 under the India-UAE Free Trade Agreement. Known as the Comprehensive Economic Partnership Agreement (CIPA), the agreement came into force on May 1, 2022.
Under the agreement, India has agreed to import 200 metric tonnes of gold per year from the UAE, with a duty concession (TRQ) of one per cent.
India had announced 140 tonnes in the last financial year and 160 tonnes in 2024-25.
According to a GTRI June report, India’s gold imports from the UAE rose 147.6 percent from $3 billion in FY2023 to $7.6 billion in FY24. A review of the contract has been requested.
India’s gold imports fell 4.23 percent to $12.64 billion in April-July 2024-25 due to global economic uncertainty.
In the budget, the government reduced the customs duty on gold and silver from 15 percent to 6 percent.
India’s gold imports are projected to grow by 30 percent to reach $45.54 billion in 2023-24.
Switzerland is the largest source of gold imports, accounting for about 40 percent, followed by the United Arab Emirates (16 percent) and South Africa (about 10 percent).
