Gold Prices May Fall; 140,000 Kg Of Gold Reached The Sea

Duty on gold imports from UAE to India has been reduced. 140 MT (140,000 kg) of gold is planned to be imported through the Tariff Quota in Trade (TRQ) system in FY 2024 itself. The proceedings are under the India-UAE Comprehensive Economic Partnership Agreement (CEPA). It is estimated that with the reduction of import duty, the price will also decrease in the future. The window opened by the central government for gold tariff rate quota can be used by jewelery manufacturers and jewellers. Both old and new applicants are given a chance here. Revised simple criteria are applied. Official sources said that even if gold is imported through this quota system, there will be no reduction in the income of gold manufacturers and jewellers.

What are the reasons for the advance in silver prices? | Silver | Safe Investment

CEPA norms will come into effect from May 1, 2022. According to this, India will be able to import 140 MT (140000 kg) of gold in the financial year 2023-24. Imports can be made with 1% rebate on customs duty. As a ‘Most Favored Nation’, 15% discount is also applied on this amount of gold imported.

Also Read: Amazon Great Summer Sale begins with huge offers; There is also a chance to win a reward of up to Rs. 5,000
Last year, 110 MT (110,000 kg) of gold was allowed to be imported from the UAE to India at concessional rates. Out of this only 8.1 MT was imported.

Meanwhile, the UAE has asked India to relax the gold TRQ norms. It was demanded that the quota should be made available for all imports and not be applied only to jewelery manufacturers.

Also Read: ‘It is not gold to buy now; Investment can be made in silver’
India’s gold imports have increased by 24% to $35 billion in FY 2022-23. India is one of the largest gold consuming countries in the world. 90% of the gold required in the country is imported. Annually, 800-900 tonnes of gold is imported. India mostly imports gold from UAE and Switzerland.