A drop in gold prices internationally as well as domestically is making gold a lucrative proposition for buyers. If you are planning a trip to India and wish to carry gold along with you then you must in keep in mind the conditions laid down by the Government of India. Take a quick look into the 5 important conditions for bringing jewelry as well as importing gold as baggage before you visit India. Check gold rates in your city here
Rs 50,000 for male and Rs. 1 lakh for female passenger
An Indian male passenger is allowed to bring duty free jewellery worth Rs. 50,000 and in case of female passenger the limit is Rs. 1 lakh. The passenger has to reside abroad for a period of more than a year. Gold jewellery carried over this limit is subject to customs duty.
Weight limit capped at 1Kg/person
You can import gold bars and coins up to the limit of 1 Kg per passenger after you pay the customs duty. Any passenger of Indian origin or a passenger having valid passport can import gold as baggage. The visit from abroad can be made after six months but duration of staying in India should be more than 30 days.
Gold bars should have certain mandatory inscriptions
In case, you bring gold bars home from abroad you should remember that the bars should bear serial number, weight and manufacturer's name.
Pay custom duty for importing gold
If you bring gold bars or coins you have to pay customs duty at six percent ad valorem tax plus three percent as cess. If you bring tola bars and ornaments then the customs duty needs to be paid at 10 per cent ad valorem tax plus 3 per cent as cess. Ornaments studed with gold and pearls are excluded.
Walk the Right Channel
You have to declare the gold on arrival in India and pay the duty. In case, you are bringing home gold jewelery in excess of your duty free limit then you must not use the green channel meant for passengers not having any dutiable products. Instead walk through the red channel as you have dutiable goods. Quantities carried in excess of this limit are seized and the person is prosecuted under Customs Act 1962.