Kaka Gold LLP Vs Director General of Foreign Trade & Ors. (Delhi High Court)
Writ petitions were filed challenging the minutes of meeting held on 08.11.2024, though which TRQ (Tariff Rate Quota) allotted to petitioners by the respondent for import of bullion. Petitioners are dealing in business of import of gold. TRQ are issued pursuant to a Comprehensive Economic Partnership Agreement [CEPA] between India and UAE. TRQs are revised and reviewed in meeting dated 08.11.2024. The governments of India and United Arab Emirates executed the CEPA on 18th February, 2022, which included specific tariff commitments in relation to trade of goods. As per Article 2.4 (2) of the CEPA, the Indian Government agreed to eliminate custom duties on import of goods originating from UAE. It was agreed between the governments that tariff concession/relief of 1% will be provided to the Indian gold importers in a phased manner, prescribing the quantity of gold bullion available for allotment for each year. For the Financial Year 2024-25, gold TRQ of 160 tones was decided.
A handbook of Procedure was notified through public notice dated 01.04.2023 which specifies the validity period of license/ certificate from the date of issuance, being minimum 12 months. It further provides for re-validation of license/ certificate, allowing for an extension for a further period of 6 months.
