Gold, has been a precious yellow metal, since ages. You, me and everyone wants to save our resources and hence we invest in gold. And not just in India bit abroad too, this trend is fast emerging.
These days we hear, a lot about, gold being seized at the airports. This often leave a question over compliance? So, let us have a look on meeting gold import requirements into the country. As a foreign return, how much gold are you allowed to bring? If not in the form of jewellery, then in terms of coins or Biscuits? How much duty free and duty to be paid? Many such questions lingers in our mind. As we know, gold is the favorite of the ladies, in terms of jewellery. The customs too favour a woman than men in terms of bringing gold. 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
Another important point to remember here is that when you bring gold bars, it should have inscribed the serial number, weight and the name of the manufacturer.
Other than that, you would be charged a percentage of duty tax depending on the gold bar you have purchased.
It does not just end there, when in India, you would have to declare your gold and pay the duty tax again. And in-case, you are carrying gold in excess than the specified limit, you may face certain charges too.
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.