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How Much Gold Can Indians Travelling to India Bring?
If you are an Indian holding a valid passport you can bring gold into India, including jewellery up to certain limits. The limits to import gold is as follows:
1) Gold imports, including jewellery have been restricted to 10 kgs. Silver on the other hand has been restricted to 100 kgs.
2) Another important criteria for such imports is the duration of stay. If your stay is for a period of less then six months, then you are not entitled to the above mentioned imports.
3) It also important to remember that if your jewellery is studded with precious stones, you may not be eligible for such imports. The gold has to be in the metal form.
4) You can either bring your gold along with your or you could import the same within 15 days of your arrival in India.
Duty to be paid on imported gold into India
While earlier gold coins, bars etc., attracted a duty of Rs 300 per 10 grammes, plus 3 per cent cess, the same has not undergone a change. The duty would now be a flat 10 per cent of the value. This has been done by the government to curb the current account deficit and to largely discourage import of gold. It is also important to note that the duty has to be paid in foreign currency. This helps to boost India's forex reserves.
Conclusion
You need to study the conditions carefully before you import gold into India. These conditions keep changing from time to time, largely to keep in mind the requirements of the economy, forex reserves and current account deficit. Do remember to comply with all guidelines before you import gold into India. As mentioned earlier, the norms keep changing from time to time and you need to study the latest guidelines before you import gold into India.
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