CBIC enable gold imports by valid TRQ holders under India UAE CEPA

CBIC further amends No. 22/2022-Customs, dated 30th April, 2022 to enable gold imports by valid TRQ holders under India UAE CEPA. Changes notified vide Notification No. 66/2023-Customs Dated: 22nd December, 2023.

Introduction: The Ministry of Finance, Department of Revenue, has issued Notification No. 66/2023-Customs on 22nd December 2023, bringing significant amendments to the Customs Act, 1962. This exercise of powers under section 25 aims to address public interest concerns. The amendments supersede the previous notification, No. 22/2022-Customs, dated 30th April 2022.

Detailed Analysis: The central modification introduced through Notification No. 66/2023-Customs focuses on Condition No. 2 in the Annexure of the previous notification. This involves changes to the Importer-Exporter Code (IEC) and the conditions for entities such as banks, agencies, and qualified jewelers. Notably, the amendments outline specific requirements for Importer Exporter Code (IEC) in the case of nominated agencies, including those notified by the Reserve Bank of India (RBI) and the Directorate General of Foreign Trade (DGFT).

The inclusion of qualified jewelers, as notified by the International Financial Services Centres Authority (IFSCA), adds a new dimension to the regulations. Further, the provision for Valid India UAE TRQ Holders, as notified by IFSCA through India International Bullion Exchange (IIBX), introduces flexibility in obtaining physical delivery of imports through IFSCA registered vaults located in Special Economic Zones (SEZs). The procedural aspects under Customs (Import of Goods at Concessional Rate of Duty or for Specified End Use) Rules, 2022, are also emphasized.

An essential aspect of the amendments is the exemption from Customs (Import of Goods at Concessional Rate of Duty or for Specified End Use) Rules, 2022, when the importer and the TRQ Holder are the same entity. This exemption streamlines processes and ensures efficiency for entities involved in import and trade.

Conclusion: Notification No. 66/2023-Customs reflects the Ministry of Finance’s commitment to adapting regulations to evolving trade scenarios. The amendments provide clarity on IEC requirements, extend eligibility to qualified jewelers, and offer practical solutions for TRQ Holders. Importantly, the exemption clause adds a layer of simplicity for entities acting as both importers and TRQ Holders. Stakeholders in international trade are encouraged to thoroughly understand these changes to align their operations with the updated Customs Act provisions.

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MINISTRY OF FINANCE
(Department of Revenue) 

Notification No. 66/2023-Customs | Dated: 22nd December, 2023

G.S.R. 909(E).—In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue) No. 22/2022-Customs,dated the 30^th April, 2022,published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (i), vide number G.S.R. 328 (E), dated the 30^th April, 2022, namely:-

In the said notification, in the Annexure, in the Table, for Condition No. 2 and the entries relating thereto, the following Condition No. and entries shall be substituted, namely: –

[F. No. CBIC-190354/104/2023-TO(TRU-I)-CBEC]

RAJEEV RANJAN, Under Secy.

Note: – The principal notification No. 22/2022-Customs, dated the 30^th April, 2022 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (i), vide number G.S.R. 328 (E), dated the 30^th April, 2022 and was last amended, vide notification No. 63/2023-Customs, dated the 30th November, 2023 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 872 (E), dated the 30th November, 2023.