Gold Import: Under the free trade agreement with the United Arab Emirates (UAE), the government has notified the import of up to 160 tonnes of gold by jewelry manufacturers and traders from the Gulf country at concessional rates for the current financial year. An official gave this information on Tuesday. The agreement, officially recorded as the Comprehensive Economic Partnership Agreement (CEPA), came into force on May 1, 2022.

Agreement on importing 200 tonnes of gold annually from UAE

Under this free trade agreement (FTA), India has agreed to import up to 200 tonnes of gold annually from the UAE with a one percent duty concession under the duty rate quota (TRQ). The official said that India had notified 140 tonnes of imports last fiscal and 160 tonnes for the year 2024-25. Think-tank GTRI said in its report in June that India's gold imports from the UAE grew 147.6 percent from $ 3 billion in FY 2022-23 to $ 7.6 billion in FY 2023-24.

Customs duty on gold and silver reduced

According to official data, India's gold imports declined by 4.23 percent to $ 12.64 billion during April-July 2024-25 due to global economic uncertainties. The government has reduced customs duty on gold and silver from 15 percent to six percent in the budget.

Switzerland is the main source of gold imports

India's gold imports grew 30 percent to $45.54 billion in FY2023-24. Switzerland is the largest source of gold imports for India with a share of around 40 percent. It is followed by UAE (over 16 percent) and South Africa (about 10 percent). Gold accounts for more than five percent of the country's total imports.