The banking regulator RBI has allowed authorised jewellers with tariff rate quote (TRQ)to remit payment eleven days in advance to import of gold through India International Bullion Exchange IFSC (IIBX).
Last November, the government allowed jewellers with valid license to import a specified quantity of gold at concessional customs duty from the UAE, under the free trade agreement, through bullion exchange IIBX.
In a notification, the Directorate General of Foreign Trade said those companies can obtain the physical delivery of the consignment through IFSCA (International Financial Services Centres Authority) registered vaults located in special economic zones.
Glod import through IIBX
Category-I banks may allow valid TRQ holders under the India-UAE CEPA to remit advance payment for eleven days for import of gold through IIBX against the TRQ.
India-UAE free trade agreement came into force in May 2022. It provides one per cent duty concessions to domestic importers on a specified quantity of gold under TRQ provisions of the pact.
DGFT provides TRQ certificate to companies for imports and they are also notified by IFSCA.
IIBX was launched in July 2022 by India’s leading market infrastructure institutions such as NSE, INDIA INX (a subsidiary of BSE), NSDL, CDSL and MCX.
IIBX is established at GIFT IFSC, Gandhinagar and regulated by the International Financial Services Centres Authority.