India's gold, silver import from UAE hit record $10.7 Bn
Over the few years, India saw a surge in the gold and silver imports from the United Arab Emirates. The rise in precious metals imports of India was basically due to lower import duty on these items imports from UAE.
India-UAE Comprehensive Economic Partnership Agreement (CEPA) which was established in 2022 allows a duty concession of 1% and 7% on gold and silver shipments from the UAE. Whereas, while importing gold from other countries, India has to pay 15% duty. On the other hand, gold imports from the UAE are taxed at 14%.
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