Banking & Finance India to allow import of 140MT of gold from UAE By Pramod Kumar May 1, 2023, 5:11 AM Reuters/Chris Helgren Almost 60 percent of Invesco survey respondents said it had made gold more attractive The Indian government will allow imports of 140 metric tonnes of gold by local manufacturers and traders from the UAE at a concessional rate under the India-UAE Comprehensive Economic Partnership Agreement (Cepa). Gold tariff rate quota (TRQ) will be allocated to old and new applicants, directorate general of foreign trade Santosh Sarangi told Business Today, an Indian fortnightly business magazine. TRQ allows the import of a set quantity of a product at lower import duty rates than the normal rate applicable. Under the Cepa, which came into force on May 1, 2022, India can import 140 MT in 2023-24 at one percentage point less than imports from other countries. The current effective gold customs duty in India is 15 percent. In May-March 2022-23, only 8.1 MT was imported out of 110 MTs TRQ of gold allocated. India’s total gold imports shrank 24 percent in fiscal year 2023 to $35 billion. Under the trade deal, the UAE offered immediate zero-duty market access for exporting gold jewellery from India in exchange for TRQ for gold, the news report said. The TRQ will rise from 110 MTs in 2023 to 140 MTs in 2024, gradually reaching 200 MT over five years, with a one percent duty concession.
Mining Ma’aden signs $1bn contracts to develop industrial cities Saudi mineral giant Ma’aden has signed three contracts worth a combined $922 million with foreign companies to develop a third phosphate fertiliser project. The majority state-owned Saudi mining company announced the agreements in a note to the Saudi bourse on Thursday, coinciding with the final day of the Future Minerals Forum in Riyadh. Ma’aden is […] 3 hours ago
Tax $660m a year ‘sin tax’ target set by Kuwait Kuwait hopes to raise 200 million dinars ($660 million) a year through a “sin tax” on unhealthy products as part of tax reforms proposed by the International Monetary Fund, the country’s finance minister said on Wednesday. Noora Al-Fassam told the official Kuwaiti news agency that her ministry was working on a new law for a […] 2 hours ago
Transport Tenders issued for high speed Abu Dhabi-Dubai rail link Tenders have been issued for the design and construction of central components in a high-speed rail link between Abu Dhabi and Dubai. Etihad Rail, the national rail company of the UAE, has sent out tenders for designing and constructing civil works and station packages for the line connecting the two cities as part of the […] 1 hour ago
EXCLUSIVE Aviation Wizz Air increases flights from UAE to Israel after ceasefire The budget carrier Wizz Air is increasing the number of flights between Abu Dhabi and Tel Aviv after the ceasefire agreement between Israel and Hamas. The airline had previously scaled back its Tel Aviv-Abu Dhabi service to four flights a week because of the conflict, down from its pre-crisis schedule of two flights a day. […] 42 mins ago
