CBIC enabled the Gold Imports under India-UAE CEPA for valid TRQ Holders

NEW DELHI : The CBIC has issued Notification No. 66/2023 dated December 22, 2023, amending Notification No. 22/2022-Customs dated April 30, 2022. This amendment specifically pertains to facilitating gold imports under the India-UAE Comprehensive Economic Partnership Agreement (CEPA) by valid Tariff Rate Quota (TRQ) holders.

The amendment, made under the authority of section 25(1) of the Customs Act, 1962, introduces changes to the conditions outlined in the original notification. Notably, Condition No. 2 and its corresponding entries in the Annexure are being replaced. The new conditions now specify that the Importer-Exporter Code (IEC) mentioned in the TRQ authorization must belong to nominated agencies notified by the Reserve Bank of India (RBI) for banks, Directorate General of Foreign Trade (DGFT) for other agencies, qualified jewelers notified by the International Financial Services Centres Authority (IFSCA) through India International Bullion Exchange (IIBX), or valid India UAE TRQ Holders notified by IFSCA through IIBX. Additionally, these importers must follow the prescribed procedures in the Customs (Import of Goods at Concessional Rate of Duty or for Specified End Use) Rules, 2022, unless the importer and TRQ holder are the same entity.