India allows bullion traders to import gold from the UAE under CEPA, benefiting both parties

 

India

India has made a significant effort to increase the number of people who can take advantage of the UAE's 1% import duty reduction on gold. These imports are accessible to bullion traders in India in addition to gold producers and retailers, which could quickly increase demand for gold from the UAE.

This indicates that going forward, gold traders will also profit by importing their needs at a rate of 14% rather than the 15% tax levied on shipments from other nations.

Coming as it did just before the first anniversary of the Comprehensive Economic and Partnership Agreement (CEPA) pact going into force on May 1 speaks volumes about the timing of the announcement by the Indian government. The UAE's first CEPA trade and investment agreements were with India, and during the past year, there have been significant advancements in transaction flows across industries.

One of the largest categories to benefit most from the UAE-India CEPA was the gold trade. 120 tonnes of gold were imported into India from the UAE in the previous fiscal year; this amount will increase to 140 tonnes in the following fiscal year.

The tariff reduction on UAE imports will provide a level playing field, according to Shamlal Ahamed, Managing Director for International Operations at Malabar Gold & Diamonds. India's bullion traders will also gain from this decision.

This ensures that the entire 140 tonne allotment for this year could be used.Involving bullion traders in the bidding process would also significantly increase the demand for UAE bullion on the Indian secondary market.

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