{"id":88015,"date":"2026-03-25T00:00:00","date_gmt":"2026-03-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/mena-india\/?p=88015"},"modified":"2026-03-26T06:45:53","modified_gmt":"2026-03-26T06:45:53","slug":"this-afternoon-india-dismisses-hormuz-transit-levy-claims-uae-gold-quota-extended","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/mena-india\/2026\/03\/25\/this-afternoon-india-dismisses-hormuz-transit-levy-claims-uae-gold-quota-extended\/","title":{"rendered":"THIS AFTERNOON: India dismisses Hormuz transit levy claims; UAE gold quota extended"},"content":{"rendered":"

Good<\/strong> afternoon, friends, and happy hump day. <\/strong>In today\u2019s busy issue, we lead with PM Narendra Modi\u2019s speech to the Indian parliament on the fallout of the war with Iran.<\/p>\n

Energy remains our big theme today as Reliance Industries picked up 5 mn barrels of Iranian crude. <\/strong>On the gas front, India\u2019s policy moves are geared toward long-term solutions in the absence of credible alternative supply sources outside the GCC.<\/p>\n

Plus, some good news: <\/strong>Mubadala-backed Manipal Health has filed for an IPO to raise USD 1.17 bn. Also, Indian equities rebounded significantly on hopes of the conflict concluding soon.<\/p>\n

Watch this space<\/p>\n

<\/a> LOGISTICS \u2014 <\/strong>India<\/strong> and Iran shut down rumors of a USD 2 mn <\/strong>Hormuz transit toll:<\/strong> India\u2019s Shipping Ministry firmly rejected reports that India-bound vessels transiting the Strait of Hormuz will be subjected to a transit levy, Business Standard<\/a> reports.<\/p>\n

Where did the rumor come from?<\/strong> Media reports recently quoted Iranian lawmaker Alaeddin Boroujerdi as saying that merchant vessels were being charged USD 2 mn for safe passage through the conflict-hit region.<\/p>\n

The official line:<\/strong> The Iranian Embassy in India quickly moved to quash the rumors on Monday, saying in a statement<\/a> that the lawmaker\u2019s comments were \u201cunfounded.\u201d The mission clarified that the statements reflected personal views and did not represent the official position of Iran. A senior Indian official in the Ministry of Shipping reaffirmed that the critical maritime chokepoint is governed by international conventions ensuring freedom of navigation and called the reports about the levy \u201cbaseless.\u201d<\/p>\n

More Indian vessels transiting Hormuz soon? <\/strong>The Indian government is seeking clearance for six more Liquified Petroleum Gas (LPG) carriers. However, Indian authorities have not given any details on when the ships will start sailing. Last week, we reported<\/a> that India had stepped up its diplomatic efforts for the passage of tankers carrying 270k tonnes of LPG through the strait. As of today, at least four India-bound vessels have managed to cross Hormuz following high-level diplomatic talks, while 22 others remain stranded at sea.<\/p>\n

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<\/a> TRADING<\/strong> \u2014 India extends UAE gold imports quota amid trade disruptions: <\/strong>India has extended the validity of low tariff rate quota authorizations for gold imports from the UAE until 30 June from its original 31 March deadline, Reuters<\/a> reports, citing India\u2019s Foreign Trade Directorate General.<\/p>\n

What this means: <\/strong>The measure falls under the UAE-India CEPA and will be automatically applied to all authorizations issued in FY 2025-26. Importers won\u2019t have to submit new applications or pay additional fees.<\/p>\n

IN CONTEXT- <\/strong>Gold supply chains are among the many that have been disrupted by the war. Earlier in the conflict, there were reports of rerouting gold flows<\/a> to other refinery destinations further out of the direct line of fire. However, rerouting is likely to come with a heftier price tag, which could help Dubai remain a top pick for refining.<\/p>\n

Data point<\/p>\n

USD<\/strong> 26.18 bn \u2014 that\u2019s the value of India\u2019s gems and jewelry exports in FY 2026<\/strong> up to February. <\/strong>The UAE has overtaken the US as the largest export market for India, accounting for 32.7% of total exports. Nearly half of India\u2019s gems and precious stones come from the Emirates, while 23% of its gold comes from there.<\/p>\n

Middle East conflict threatens India\u2019s jewelry exports:<\/strong> The sector is already struggling to keep its head above water following the imposition of US tariffs, with overall export growth flatlining in FY 2026 compared to the previous fiscal year.<\/p>\n

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Sign of the Times<\/p>\n

<\/a> DIPLOMACY \u2014 <\/strong>US<\/strong> President Donald Trump and Prime Minister Narendra Modi discussed the war <\/strong>a<\/strong>nd its impact on energy flows through the Strait of Hormuz, according to a post on X<\/a>. Modi emphasized that the critical maritime chokepoint must remain \u201copen, secure, and accessible\u201d to ensure global economic stability.<\/p>\n

Ruffling feathers in New Delhi: <\/strong>The conversation marks their first known exchange<\/a> since the war began. India\u2019s archrival, Pakistan, has begun positioning itself as a potential diplomatic broker between Washington and Tehran to help de-escalate the ongoing hostilities. Islamabad\u2019s sudden emergence as a diplomatic go-between is causing unease in some circles in India. Indian analyst Brahma Chellaney has dubbed the call between Modi and Trump as \u201cdamage control\u201d in a post on X<\/a>, adding that Trump is undermining his \u201cfriend\u201d Modi.<\/p>\n

The big story abroad<\/p>\n

In what would be a major escalation, the Pentagon is reportedly <\/strong>expected to dispatch<\/a><\/strong> thousands of soldiers to the region <\/strong>and potentially inside Iranian territory. The number of troops reportedly ranges from 2k<\/a> to 3k soldiers<\/a> from the US Army\u2019s Airborne Division.<\/p>\n

Meanwhile, Iran says Strait of Hormuz is open:<\/strong> Tehran said<\/a> that \u201cnon-hostile vessels\u201d may transit the Strait of Hormuz \u201cin coordination with Iranian authorities,\u201d in a letter to International Maritime Organization members. That said, some 3.2k vessels remain stuck in the Arabian Gulf, seemingly unwilling to brave the waterway yet.<\/p>\n

Mediators from Egypt, Turkey, and Pakistan want to set up talks between the US and Iran <\/strong>by Thursday<\/strong>, though a diplomatic divide remains between Washington and Tehran, the Wall Street Journal<\/a> reports.<\/p>\n

And in the world of AI: <\/strong>ChatGPT maker OpenAI is shuttering<\/a> its video generation offering Sora just six months after its debut in a bid to streamline<\/a> its products. The company positioned the program as a means to create lifelike AI-generated videos within a community-focused environment. Available on the Apple App Store without charge, Sora has seen its popularity decline since its debut.<\/p>\n

Market watch<\/p>\n

CAPITAL<\/strong> MARKETS \u2014 <\/strong>Hope of US-Iran diplomacy is breathing life into<\/strong> Indian markets: <\/strong>India\u2019s benchmark indices surged on Wednesday<\/a> following reports that the US has pitched a 15-point plan to Tehran for a month-long ceasefire, raising optimism that the conflict could soon see a de-escalation.<\/p>\n

The numbers:<\/strong> The Nifty 50 climbed 2.2% while the BSE Sensex added 2.1% by mid-day trading. The two indices have declined up to 8% in the last 30 days. If the momentum holds, it will mark the second consecutive day of gains for the benchmarks. The rally was broad-based, with 15 of the 16 major sectors trading in the green.<\/p>\n

The conflict-driven volatility has taken a heavy toll on foreign investment in recent weeks.<\/strong> Foreign investors have dumped a staggering USD 11.3 bn worth of Indian equities so far in March, setting the stage for the highest monthly sell-off on record.<\/p>\n

Circle your calendar<\/p>\n

Check out our full calendar on the web<\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n","protected":false},"excerpt":{"rendered":"

Plus: Ceasefire signals lift Indian equities<\/p>\n","protected":false},"author":1,"featured_media":88016,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2403],"tags":[2795,2402,2965,2952,2725,2872,2401],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88015","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-crude","tag-enterpriseam-india","tag-gold-trade","tag-india-iran","tag-india-uae-cepa","tag-indian-equities","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"1b5605e7-eb13-4142-9774-58881ccf0efb","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2026\/3\/1194.jpg","photo_position":"above","homepage_title":"","full_issue_title":"India denies paying Hormuz levy; 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