New Delhi : The government on Wednesday, October 29, said the allocations of tariff rate quota (TRQ) for gold under the free trade agreement between India and the United Arab Emirates (UAE) will be undertaken based on the competitive bidding/tender process.

Under the agreement, India agreed to import up to 200 metric tonnes of gold annually from the UAE with a one percent tariff or duty concession under tariff rate quota (TRQ).

Amending the procedure for allocation of TRQ for gold under the India-UAE trade pact, the Directorate General of Foreign Trade (DGFT) said in a trade notice that “the allocations of TRQ for Gold under CEPA (comprehensive economic partnership agreement) will be undertaken based on the competitive bidding/tender process”.

It also said the eligible applicant must b

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