India plans to import 160 tons of gold from UAE
The Indian government has announced the import of up to 160 tonnes of gold from the UAE at a concessional rate for the fiscal year 2024-25, under the Comprehensive Economic Partnership Agreement (CEPA), which took effect on May 1, 2022.
As part of the agreement, India has committed to importing up to 200 metric tonnes of gold annually from the UAE with a one percent tariff concession under the Tariff Rate Quota (TRQ), News.Az reports citing foreign media.Last fiscal, India notified 140 tonnes, and 160 tonnes for 2024-25, the official added.
Think tank GTRI in its report in June stated that India's gold imports from UAE rose 147.6 per cent from USD 3 billion in FY23 to USD 7.6 billion in FY24. It has sought a review of the agreement.
India's gold imports, which have a bearing on the country's current account deficit (CAD), dipped by 4.23 per cent to USD 12.64 billion during April-July 2024-25 due to global economic uncertainties, according to government data.
India's gold imports, which have a bearing on the country's current account deficit (CAD), dipped by 4.23 per cent to USD 12.64 billion during April-July 2024-25 due to global economic uncertainties, according to government data.
The government has slashed the customs duty on gold and silver to 6 per cent from 15 per cent in the Budget.
In 2023-24, India's gold imports surged by 30 per cent to USD 45.54 billion.
Switzerland is the largest source of gold imports, with about 40 per cent share, followed by the UAE (over 16 per cent) and South Africa (about 10 per cent).
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