Taking up gold coins and gold jewelleries in India is strictly regulated by the union government. In the 'Guide for Travellers', Central Board of Indirect Taxes and Customs, Ministry of Finance has noted the directions for passengers who are traveling to India about their importing goods, and the related rules. Gold is a precious metal, and the central bank of India, RBI, regularly imports gold for its reserve. However, for individual passengers, the regulations to bring gold to the country are restricted by the government.
In the 'Guide for Travellers', the government said that any passenger who is of Indian Origin or a passenger holding a valid passport, coming to India after not less than 6 months of stay abroad, can import gold as baggage. Short visits in these 6 months will be ignored, in case the total duration of the short visit does not exceed 30 days. Importantly, other than these passengers, no other passenger will be allowed to import gold in baggage in the country. The import of Gold and Silver by a foreign national is prohibited by the union government.
Duty and for bringing Gold
The duty, the passenger will be paying should be in convertible foreign currency. Duty for gold bars, other than tola bars, bearing manufacturer's or refiner's engraved serial, will be levied at 12.5%, along with Social Welfare Surcharge at 1.25%. Duty for gold in any form other than this, including tola bars and ornaments, excluding ornaments studded with stones or pearls will be levied at 12.5%, along with Social Welfare Surcharge at 1.25%.
This concessional rate of duty will apply for gold to Indian Passport holders and persons of Indian origin if stays are for more than 6 months. Short visits up to a total of 30 days during the 6 months shall be ignored. Other than these cases, the normal rate of Customs Duty at 38.5% is charged.
Customs Duty-Free Allowance can be availed of by Indian passenger who has been residing abroad for over one year, is different. For a man, the rate is Rs. 50,000, and for a woman, the rate is Rs. 1,00,000.
Amount of gold to bringing
One person can only bring 1 kg of gold (including ornaments), and the person can bring the gold at the time of arrival or the same be imported within 15 days of his arrival in India.
Additionally, the passenger is also allowed to obtain the permitted quantity of gold from the Customs bonded warehouse of State Bank of India and Metals and Mineral Trading Corporation subject to conditions. In that case, a declaration note needs to be filed in the prescribed Form before the Customs Officer at the time of arrival in India. The passenger must state the intention to obtain the gold from the Customs bonded warehouse and also pay the duty before the clearance.