AD Category-I Banks Can Allow India-UAE CEPA TRQ Holders to Make 11-Day Advance Payments for Gold Imports via IIBX | RBI
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- Last Updated on 3 February, 2024
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Circular No. RBI/2023-24/118 A.P. (DIR Series) Circular No.13, Dated 31.01.2024
Earlier, the RBI vide.Circular dated 25.05.2022 permitted AD Category-I banks to remit advance payment on behalf of Qualified Jewellers as notified by International Financial Services Centres Authority (IFSCA) for eleven days for import of gold through India International Bullion Exchange IFSC Ltd (IIBX).
Later, vide. notification date 20.11.2023 issued by the DGFT, the valid Tariff Rate Quota (TRQ) holders under the India- UAE Comprehensive Economic Partnership Agreement (CEPA) as notified by the IFSCA have been permitted to import gold under specific ITC(HS) codes through IIBX against the Tariff Rate Quota (TRQ).
Presently, AD Category – I banks are permitted to remit advance payment on behalf of Qualified Jewellers as notified by IFSCA for eleven days for the import of gold through India International Bullion Exchange IFSC Ltd (IIBX).
Now, the RBI has allowed AD Category-I banks to allow valid tariff Rate Quota (TRQ) holders under the India-UAE CEPA to remit advance payment for eleven days for import of gold through IIBX against the TRQ.
Click Here To Read The Full Circular
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