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Import of Gold and Silver as Baggage
   

Customs Bonded Warehouses
1. Since physical carriage of gold involved security hazards, particularly for passengers arriving by flights landing at odd hours during nights, it was thought fit to introduce Customs Bonded Warehouses.
2. This facility would be operated by SBI and MMTC in Delhi, Mumbai and Thiruvanthapuram and specified delivery centres.
3. Passengers availing of this facility would have the option to make the payment of the gold/silver in foreign exchange either abroad or in India.
4. In cases where passengers had made the payment abroad and were found ineligible for import on their arrival in India, appropriate provision for refund would be provided under the scheme.
5. Passengers intending to avail of the facility of delivery of gold or silver through such warehouses would be required to make a declaration to this effect before the customs authorities at the time of their arrival in the country at the respective airports-Sahar, IGI Delhi, and Trivandrum.
6. The eligibility of the passengers would be decided by the customs authorities at the time of customs clearance of the passengers and such passengers would deposit the duty at the airport itself.
7. The delivery of gold and silver shall be given from the warehouses of SBI and MMTC in the same city where the passenger disembarked.

 

 

 Gold Jewellery
1. A passenger who has been residing abroad for over one year and is returning to India may be allowed, to import free of duty, Jewellery in his use upto an aggregate value of:
  (a) Male passenger: 10,000/-
  (b) Female passenger: 20,000/-
 

NRIs
1. General permission has been granted by RBI that non-residents can bring into India as part of their baggage, gold in any form, up to 10,000gms, after staying abroad for a period of not less than 6 months.
2. Import of gold by concealment in unaccompanied baggage coupled with no declaration justifies confiscation.
3. When the passenger has declared the gold, but could not clear it  for want of sufficient foreign exchange for paying Customs duty, then re-export of the same may be permitted.
 

Convertible Foreign Currency
1. In order to pay duty in convertible foreign currency, it is necessary that the eligible passenger has to bring the foreign currency along with him when he returns to India.
2. If the foreign currency is to be brought to India, then there must be an endorsement to that effect in the passport of the concerned passenger.
3. If there is no endorsement and duty paid in convertible foreign currency, the said passenger is duty bound to explain the source for such currency.
 

Gold / Silver Coins
1. The Reserve Bank has clarified that there would be no restriction on import of foreign coins (whether current or non-current) made of gold or any other metal.
2. The same holds good in respect of commemorative coins also.
3. Eligible passengers may be allowed to import gold/silver in any form, including coins whether current/non-current/commemorative) but excluding jewellery studded with stones or pearls.
 

Member of crew
1. A member of crew is entitled to import gold/silver on final pay off on termination of his engagement.

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Authorised Agency
1. Certain agencies have been permitted to import gold/silver into India, for sale in the domestic market, at the same concessional duty as in case of baggage.They are:
  the Minerals and metals Trading Corporation of India Ltd.
  the Handicraft and Handloom Export Corporation
  the State Trading Corporation
  any other agency authorised by the Reserve Bank of India
 

Sale
1. Gold/Silver brought in India by persons of Indian nationality/origin while coming into India, has been permitted to be sold to residents against payment in rupees.
  2. This payment should be made by means of a crossed cheque.
  

Sale of Confiscated Gold
1. Sale of Confiscated Gold will be made at the Customs retail shop.  Sale is subject to the following conditions:
  (a) The gold will be sold on "As is where is basis"
  (b) The sale will be as per the actual ascertained weight of each gold biscuit sold.  The piece of the gold in biscuit form will not be cut or otherwise varied in size
  (c) The price shall be fixed every day based on the closing Bullion exchange price of the previous day of gold of the same purity at Mumbai, less 1% discount..  The Sales Tax, as applicable, shall be charged extra
  (d) The minimum quantity of the sale will be 1 Kg and the maximum quantity of gold sold to any single person or firm will not exceed 5 Kg on any day
  (e) All sales of gold will ordinarily be against a banker's cheque.  However, if there is some difference between the value of gold bought and face value of banker's cheque tendered by the purchaser, the balance amount will be accepted by cash which can be remitted into the Customs House Treasury in the Customs House.  For the convenience of the buyers deposit account could be opened with the Customs House in advance and delivery of the gold can be made against debit of the deposit account.
  (f) Gold will be sold only to such individual/firms etc., who possess a permanent account number (PAN). The purchaser should also indicate to the assessment office/range where he files his Income Tax returns in the application forms/ requisition forms submitted for the purchase of the gold.
   (g) The gold once sold will not be taken back or replaced
  (h) No complaint or objection regarding weight or purity of the gold will be entertained subsequent to the delivery of the gold.
2. Procedure:
  (a) The gold will be sold to the buyers on "first-cum-first-served" basis.  The buyers are required to fill in the requisition slip-cum-application forms as per proforma annexed to this Public Notice indicating his:     .
    name
    address
    permanent account number allotted by the Income Tax Authorities
    the quantity of gold to be purchased
    the particulars of the payment
  (b) All requisition-slip-cum application forms should accompany the bankers cheque of the requisite amount for the quantity of the gold sought to be purchased by the intending buyer or against debit of the deposit account.
  (c) Requisition-slip-cum-application form in the prescribed form will be received, from the intending buyers, between 3 p.m. on any working day in the office of the Superintendent of Customs (disposal), Basement Warehouse, all the requisition-slip-cum-application forms so received shall be allotted a serial number and the acknowledgement will be issued to the intending buyer.
  (d) The delivery shall be made by the Superintendent of Customs (Disposal), Basement Warehouse on the basis of requisition slip-cum-application forms received till 5 p.m. on all working days.

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Personal Deposit Account
1. Those buyers who intend to open a Personal Deposit Account are required to make an application on a plain paper to the C.A.O. new Customs House, Mumbai, giving the details of the:
  (a) Name of the company/firm/person
  (b) Address
  (c) Telephone number
  (d) Income Tax PAN, the name of the person(s) authorised to act on behalf of the Company/firm.
  enclosing with it a certificate from the Mumbai Bullion association regarding their standing in the Bullion trade as well as a certificate from their banker stating their financial standing.
2. The buyer should also get a letter from his banker certifying his identity and verification of his specimen signatures (in duplicate).
3. In case the buyer intends to authorise another person to transact business at the Customs for purchase of Attorney (in duplicate) in favour of the said person.  The said Power of Attorney should have the certification of the specimen signatures of the said person by the buyer.
4. On being satisfied, the C.A.O. will open a Personal Deposit Account and allot an Account Number to the buyer.
5. The details of the Personal Deposit Account along with copy from the bank certification of the specimen signature/Power of Attorney would be given to the staff stationed at the Basement Warehouse, Annexe Building, New Customs House, Mumbai-38, who shall keep the same in the safe custody.
6. Whenever, the buyer intends to deposit a lump sum amount in his Personal Deposit Account, he shall fill up the Challan (in triplicate), stating, inter alia, therein the details of the banker's cheque/demand draft as well as his Personal Deposit Account Number.
7. On receipt of this amount by the Cashier, credit of the same will be given in his account.
8. When any purchaser intends to purchase Gold through his Personal Deposit Account, he shall state so in his Application-cum-Requisition form giving the particulars of the Personal Deposit Account Number and balance amount of credit held in the Account.

Sale of Confiscated Silver
1. Silver will be sold through Customs Retail shop located at the Customs House, 15/1, Strand Road, Calcutta-1.  The following points are to be noted:
  (a) The application/requistion slips in the prescribed form will be received from the intending buyers between 3 P.M. and 5 P.M., on each working day, in the  office of superintendent (Disposal) Basement warehouse.
  (b) No individual/firm, shall be allowed to submit more than one application/requisition slip per week.
  (c) All the application/requisition slips so received will be allotted running serial number and an acknowledgement in token of the receipt of the application/requisition slip Will be issued.
  (d) The delivery schedule shall be prepared by the Superintendent (Disposal), Basement warehouse, by Friday evening every week on the basis of applications / requisitions received up to 5 P.M. on Friday of that week and the same shall be displayed on the he Notice Board on the next Monday morning.
  (e) The delivery of silver shall be given to the intending buyers on the day notified as per their turn based upon the running serial numbers of their applications/requisi- tion slips.
  (f) all the application/requisition slips should accompany the Pay-order/bankers cheque of the requisite amount for the quantity of silver sought to be purchased by the intending buyer.
2. Procedure:
  (a) Silver will be sold only to such individuals/firms etc., who are registered with the Income-tax authorities as assessee.
  (b) All sales of silver shall ordinarily be against a Banker's Cheque.  However, if there is some difference between the value of the silver bought and face value of Banker's cheque tendered by the purchaser, the balance amount may be accepted by cash remitted into Customs House Treasury or into sales counter itself, as the case may be.
  (c) The bricks/ingots of silver will be sold as per exact weight of the brick ascertained by weighment.  generally the weight of a brick varies between 34 to 38 kgs.  A brick will not be cut to meet the quantity requirement of the buyer.
  (d) The price of silver will be fixed every day on the basis of the daily closing of Bombay Bullion exchange price of the previous day minus 5% discount.
  (e) The maximum quantity that can be sold to one person will be limited to 210 kgs, only.
  (f) Silver bricks will be disposed of on 'as is where is' condition.
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