India to invite fresh bids for import quotas for UAE gold

Canada Global (Web News) The Indian government said on Thursday that it would solicit new bids for import quotas of gold from the United Arab Emirates (UAE) at a reduced duty set down in a trade agreement between the two nations.

The government stated in a statement that the quotas are for the import of 140 tonnes of gold from the UAE during the course of the fiscal year that began on April 1 with a duty that is one percentage point less than India’s usual 15% gold import duty.

India is the second-largest consumer of gold in the world and imports the majority of its gold.

It and the UAE signed a comprehensive trade and investment agreement last May with the intention of reducing tariffs and raising bilateral trade to $100 billion in five years.

According to the deal, the maximum amount of gold that can be imported from the UAE duty-free over a five-year period will be 200 tonnes.

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