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Gold shipments from the UAE to India have decreased by nearly half, reaching a two-decade low in the year ending March 2023. This decline comes despite the concessional duty offered under the India-UAE Free Trade Agreement. In FY23, India imported only 52.81 tonnes of gold from Abu Dhabi, a 47% decrease compared to the previous year. Overall, India's gold imports dropped by 23% to 677 tonnes. Experts attribute the decline to the lack of clarity around import regulations and an increase in import duty.
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