RBI vide its Notification dated January 31, 2024 laid down guidelines on import of gold by TRQ holders under the India-UAE Emirates Comprehensive Economic Partnership Agreement ("CEPA") as notified by– The International Financial Services Centres Authority ("IFSCA").
RBI issued directions under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act and allowed AD Category-I banks to remit advance payment for 11 (eleven) days for import of gold through India International Bullion Exchange IFSC Limited ("IIBX") on behalf of Qualified Jewellers as notified under IFSCA. Further, the valid TRQ holders under the CEPA as notified by the IFSCA were permitted to import gold under specific ITC(HS) codes through IIBX against the TRQ.
Originally published 27 March 2024
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