Can Gold be brought in to India - R R Padmanabhan, Director - Exim Academy

Can Gold be brought in to India



Gold is in intertwined in the culture of Indians or for that all south Asians.  Perhaps, if an inventory is possible, the amount of gold in all forms including ornaments in the hands of all Indians, we may perhaps be richest nation in the world in terms of Gold holding.  Such is the importance of gold in our culture that it is one of pride asset that is given to the daughter of the family at the time of her marriage! 

But time and again, one would have seen news in print and electronic media that one or two passengers from abroad have been arrested and gold had been seized from them.  Then, what is the permissible limit of gold and gold ornaments that can be brought in to India legally?  This blog examines the issue in detail. 

A. Import of Gold ornaments by Indians returning from Abroad

Without payment of duty 

Yes, if you are an Indian and been abroad for more than 1 year and returning to India, you can bring gold ornaments duty free. If you are a male you can bring gold weighing 20 grams (with value cap of Rs.50000), which means that 1-gram is valued at Rs.2500!  However, if you are a female, then there is concession.  You can bring 40 grams of gold but with a value cap of Rs.1.00 lakh 

B. Import of Gold and Gold ornaments by Indians returning from abroad with payment of duty

The Indians carrying valid Indian passport having stayed abroad for more than 6 months are eligible to bring Gold bars and ornaments but excluding ornaments studded with stones and pearls.  Note the difference here, in the case of former, the eligibility is more than 1-year stay abroad whereas in this case, it is just 6 months! However duty has to be paid at 12.656% on the value of Gold.  Also the duty has to be paid in foreign currency, not in Indian rupee! 

Further, the passenger can bring gold along with him when he enters India or import the same within 15 days of arrival in India. 

Alternatively, the passenger is also permitted to obtain the permissible gold from bonded warehouse of State Bank of India or MMTC by observing the due procedure.  However, the passenger has to declare his intention to procure gold from bonded warehouse at the time of his arrival in to India. 

What happens if one brings in gold more than the quantity mentioned above? Simple, the duty is levied at 38.5% 

Source: CBIC’s Guide for Travellers

R R Padmanabhan
Director - Exim Academy

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