New Delhi: The utilisation of concessional duty quota for gold imports from the UAE under a free trade agreement with India has remained modest, an official said on Thursday.
Under the India-UAE comprehensive economic partnership agreement (CEPA), a Tariff Rate Quota (TRQ) mechanism was put in place for the import of gold bullion at a concessional rate of duty (a 1 per cent concession over the prevailing customs duty).
The pact came into force on May 1, 2022. According to the data, total gold imports stood at 795 tonnes in 2023-24 and 757 tonnes in 2024-25. The share of imports under the TRQ mechanism was only about 5 per cent (40 tonnes) and 18 per cent (about 140 tonnes), respectively, the official said.
In 2025-26, the allocated quantity under the mechanism was 8.58 tonnes. India has imported 721 tonnes in the last fiscal.
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