DGFT; Allows India-UAE TRQ holders to import Gold via IIBX and obtain physical delivery through IFSCA-Registered Vaults in SEZs
NEW DELHI : The DGFT vide Notification No. 44/2023 dated November 20, 2023, has amended the import policy conditions for Gold under HS Code 71081200 in Chapter 71 of Schedule I (Import Policy) of ITC (HS) 2022. The amendment specifies that Valid India-UAE TRQ holders, as notified by IFSCA, are permitted to import gold through IIBX against the TRQ. Furthermore, they can secure physical delivery of the imported gold through IFSCA-registered vaults situated in SEZs, adhering to the guidelines prescribed by IFSCA.
In exercise of powers conferred by Section 3 and Section 5 of Foreign Trade (Development & Regulation) Act, 1992, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy 2023, as amended from time to time, the Central Government hereby amends the import policy condition for ITC (HS) code 71081200 of Chapter 71 of ITC (HS), 2022, Schedule – I (Import Policy), with immediate effect, as under:-
| ITC(HS) Code & Description | Policy | Existing Policy Condition | Revised Policy Condition |
| 71081200—Other unwrought forms | Restricted | Import is allowed only though nominated agencies as notified by RBI (in case of banks), DGFT (for other agencies) and IFSCA (for qualified jewellers through India International Bullion Exchange)Gold Dore can be imported by refineries against an import license with AU condition. | 1. Import is allowed through:(i) Nominated agencies as notified by RBI (in case of banks) or nominated agencies notified DGFT (for other agencies)(ii) Qualified Jeweller (as notified by IFSCA) through India International Bullion Exchange (IIBX) 2. Valid India-UAE TRQ holders as notified by IFSCA can import gold through IIBX against the TRQ and can obtain physical delivery of the same through IFSCA registered vaults located in SEZs as per the guidelines prescribed by the IFSCA.3. Gold Dore can be imported by refineries against an import licence with Actual User (AU) condition. |
Effect of the Notification: Valid India-UAE TRQ holders as notified by IFSCA can import gold through IIBX against the TRQ and can obtain physical delivery of the same through IFSCA registered vaults located in SEZs as per the guidelines prescribed by the IFSCA.