Page 10 - Bullion World Issue 11 Volume 05 November 2025

Bullion World | Volume 5 | Issue 11 | November 2025

i. 60% of annual turnover in each of the last 3 Import of Bullion by exporters under
financial years including the current financial year Advance Authorisation Licence
until the date of making the application, or Under Advance Authorisation (AA)
ii. 90% of annual turnover in the previous entire Licence exporters in Domestic Tariff
financial year including the current financial year Area (DTA) are permitted to import
until the date of making the application
are through dealing in goods falling under ITS(HS) bullion directly as a raw material to make
codes 7106, 7108, 7113, 7114 and 7118 under jewellery for exports. These AA licence
Chapter 71 of ITC(HS); and holder entities submit Bond with their
jurisdictional customs commissioner to

d) The entity shall have a minimum net worth of INR 15 import Bullion duty free from overseas
crore as per its latest audited financial statement. suppliers directly under Advance
Authorisation Licence.
e) An applicant shall be considered for notification as
a QJ only if it qualifies as a “fit and proper person”. The Advance Authorisation licence
Under the "fit and proper person" criteria one key point issued by DGFT under Advance
to note is that the three years cooling off period has
been removed. Authorisation Scheme, in the terms sheet
of the AA licence at point no. 23 refers as

To explain, in earlier circular if an entity was suspended follows:
or debarred under any regulatory action for say 7 days,
the entity was not allowed to access IIBX for 7 days 23. 1. Import is allowed through i)
plus 3 years cooling off period. This 3-year cooling off Nominated Agencies as notified RBI (in
period is now removed. case of Banks) or Nominated agencies
notified by DGFT (for other agencies) (ii)
A key change for Valid India UAE TRQ holders has Qualified Jewellers (notified by IFSCA)
been introduced. Valid India UAE TRQ holders who are through India International Bullion
already notified by IFSCA in any FY, shall not require
IFSCA re-notifications in subsequent FYs, if they Exchange (IIBX)
continue to get TRQ from DGFT every FY.
QJ as notified by IFSCA are permitted

To clarify further, it is to be noted that a notified Valid to trade bullion at IIBX and clear it
India UAE TRQ holder, if in subsequent FY, gets the from customs duty free under Advance
TRQ from DGFT but have chosen not to come to IIBX Authorisation Licence. After due
for their import, they will be required to submit afresh enablement in customs ICEGATE
their application to IIBX in the subsequent FY and IIBX system, one QJ of the IIBX has traded
will seek their re notification from IFSCA.
at IIBX platform and cleared the Bullion
Depository Receipts (BDR) from
It is to be noted that all QJs or valid India-UAE CEPA
TRQ holders are required to file Bill of Entry within 11 customs duty free utilising his Advance
calendar days of US Dollar remittance initiated from Authorisation Licence. The Advance
DTA India for their import of bullion made through IIBX Authorisation Licence holders after this
platform. successful transaction are now looking
forward to access IIBX platform for their
This update marks a significant step in making IIBX’s bullion requirements, which through
bullion ecosystem more inclusive. By easing access for IIBX can be as low as 100 grams, for the
a broader set of participants, IFSCA has taken further export of jewellery. This is a welcome
steps to position GIFT IFSC as a premier global bullion step to give facilities to exporters of
hub.
Jewellery to make them more competitive
in the global market.

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