What are the customs rules on gold in India?
The current rules for importing gold to India are:Indian citizens, PIOs and OCI holders can import an amount of gold up to 1kg after a stay of 6 months abroad. However, you will be required to pay a customs duty on the amount of gold you import to India.Until 2012, passengers could carry up to 10kgs of gold while travelling to India. However, with effect from 18 April 2012, this has been slashed to 1kg. If a passenger is found to carry more than 1kg of gold, then the excess gold is liable to be confiscated by the authorities, and the passenger is liable to be persecuted under the law. However, the customs website still lists 10kgs as the cut-off for the amount of gold that can be imported to India. We recommend that you get in touch with the relevant authorities before bringing more than 1kg of gold into India.In the event that you are carrying more than 1kg of gold to India, do not use the green channel to walk out. You will have to declare the amount of gold that you are carrying. Please bear in mind that passengers could be arrested for walking out without proper declaration.
How much gold can be carrried from Qatar to india in form of jewellery and gold coins coins?
Precondition to carrying gold to India: Should be of Indian origin OR hold a valid Indian Passport. Should have stayed outside India for not less than 6 months. - Passengers could legally take up to 10 Kg of gold to India till April 17, 2012. However, the maximum amount of gold a passenger can now carry is limited to 1 Kg (as per government press release). Carrying over 1 Kg is prohibited and will result in the gold being seized and the passenger prosecuted under Customs Act. Surprisingly, the official customs website still shows the limit as 10 Kg per passenger. Some websites show 5 Kg as the limit. So it's best you contact relevant authorities. - Men can carry duty free gold worth Rs. 50,000 and women can carry worth Rs. 1 Lac. - Only ornaments qualify for duty free allowance, not coins or bars. Ornaments studded with stones and pearls aren't allowed under this scheme. - If you carry gold coins to India or gold jewelry in excess of the allowable amount, you can expect to pay duty at 10% of the value of the gold value and another 3% of the applicable duty as education cess. - You can either bring the gold on person at the time of arrival or import the same within fifteen days of arrival in India.
What are the import duties on gold to India?
These are the duties imposed on ‘Monetary Gold’. You can put the product’s name herein to gain a good knowledge of various import duties.For more detailed explanation, please refer to my answer at What are the import duties to import a car in India? It contains all types of custom duties that are imposed on the imported products in India.You can also contact our expert trade professionals for any advice at Connect2india.If you have any more doubts, please let me know.Hope this is useful. Thanks.
How to hide gold jewelery without being visible to airport customs in india.?
i want to bring gold to india, as we all know in india corruption is at a very high level, if we bring the amount of gold which is allowed then also the customs will ask bribe other wise they will make problems. So is there any way that i can hide this in the airport scanning? any way to save that from customs, And one more thing in metal detectors does gold will make a signal if i keep it in my pant pockets.?? Please give some suggestions . Thanks in Advance.
What is the exact procedure for gold import in India?
India’s gold import more than doubled to $16.95 bn in Apr-SepIndia’s gold import more than doubled to $16.95 billion during the first six months of the current financial year, as per the data by Ministry of Commerce.The imports of the precious metal were around $6.88 billion during the period April- September last fiscal, the data said.However, the import of gold dropped by 5% to $1.71 billion in the month of September this year as compared to $1.80 billion in the same month a year ago.The decline in the precious metal import in September helped in narrowing down of country's trade deficit to $8.98 billion, a seven month low.However, the import of gold is likely to increase due to festival season, which has begun this month.Due to increase in gold imports, the current account deficit (CAD) has been surged to $14.3 billion, or 2.4% of Gross Domestic Product (GDP), in the quarter April to June of the current fiscal.CAD generally refers to the difference between the value of goods and services import and value of goods and services export that also impact the exchange rate.Concerned over the increase in gold imports, India has also restricted inbound shipments of gold from South Korea, with which it has a free trade agreement.India is the second largest gold consumer in the world after China. The country mainly import the metal to meet the demand of jewellery industry.Currently, the import of gold attracts a duty of 10%. Time and again, the gems and jewellery sector, along with the Ministry of Commerce, have urged the Ministry of Finance to consider a reduction in the import duty.