Question
Under the RBI’s guidelines for import of gold by
Tariff Rate Quota (TRQ) holders, how many days of advance payment are allowed for Qualified Jewellers?Solution
The Reserve Bank of India (RBI) allows qualified jewelers with a Tariff Rate Quota (TRQ) to make advance payments for up to 11 days to import gold through the India International Bullion Exchange IFSC (IIBX). This is in accordance with the guidelines issued by the RBI on January 31, 2024. The India-UAE free trade agreement, which came into effect in May 2022, offers duty concessions to domestic importers on a specific amount of gold.
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