New Delhi, Feb. 13 -- The Indian government unveiled detailed procedures on Wednesday for importing gold bullion from the United Arab Emirates at preferential rates during the 2025-26 fiscal year, operating under the framework of their existing free trade agreement.

The Comprehensive Economic Partnership Agreement (CEPA), which took effect on May 1, 2022, permits India to import up to 200 metric tonnes of gold annually from the UAE with a one percent tariff concession under a tariff rate quota system.

The Directorate General of Foreign Trade has set February 28, 2024, as the deadline for submission of import applications. Prospective importers must specify their intended use of the gold, whether for manufacturing or trading purposes, or...