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.
