Key Points
Amid surge in imports of gold and silver from the UAE under the Comprehensive Economic Partnership Agreement (CEPA), All India Jewellers & Goldsmith Federation has approached Union Finance Minister Nirmala Sitharaman for revaluation and revision of concessional duty rates granted under the CEPA...
According the data, between FY 2023 and FY 2024, gold and silver imports increased by 210 per cent..
Indias imports of gold and silver from the UAE jumped to USD 10.7 billion in 2023-24, while total silver imports stood at USD 5.4 billion...
This policy framework has led to a sharp increase in import from the UAE which had negative impact on Indias trade deficit, he said.. Nitin Kedia, National General Secretary of AIJGF, said: The UAE does not produce gold and silver but only melts and re-melts these metals and export them..
We have requested the Union finance minister to re-evaluate and revise the concessional duty rates granted under the CEPA to curb the surge in gold and silver imports by introducing annual quotas for silver, he said...
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