The Indian government on Thursday called for new proposals for gold import quotas from the UAE, under preferential duties agreed upon in a trade agreement between the two countries. The government stated in a statement that "the quotas are designated for the import of 140 tons of gold from the UAE in the financial year that began on April 1, with a duty of one percentage point lower than the usual duty in India, which stands at 15%." Under the agreement, over five years, the gold import quota from the UAE with reduced duties will be increased to 200 tons.
India Calls for Gold Import Proposals from the UAE
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