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| Import of Gold by NRI |
| Reserve Bank granted general permission to persons of Indian nationality or
origin to bring into India, as part of their baggage, up to 10,000gms, after staying
abroad for a period of not less than 6 months. |
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| 1. |
A
baggage declaration form has to be filled for the unaccompanied baggage. |
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| 2. |
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 |
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| Conditions |
| 1. |
The
required eligibility is that the person should be of Indian origin and holding a valid
passport. |
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| 2. |
The
limit of importing gold (including ornaments) in India is upto 10 kg per passenger as a
part of their baggage after paying the required customs duty |
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| 3. |
Passenger
is coming to India after a stay abroad of about six months. Short visits of duration not
exceeding 30 days will be ignored, if this facility has not been availed by the passenger
during such visits. |
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| 4. |
The
gold may be brought into India in any form, including ornaments (other than ornaments
studded with stones and pearls). |
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| 5. |
Rate
of duty is payable in convertible foreign currency at the rate of Rs.
250 per 10 gms of gold. |
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| 6. |
Import
should be made at the time of arrival of the passenger or within 15 days of the arrival of
the passenger into India. |
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A
declaration need to be filed by the importer for obtaining the permitted quantity of
gold from customs bonded warehouse of State Bank of India or from Metal & Mineral
Trading Corporation subject to other conditions. |
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| Baggage Rule for import of Gold |
| Custom Bonded Warehouse - This is a option to take delivery of the metals
in India from the customs bonded warehouses to be operated by the State Bank of India and
the Minerals and Metals Trading Corporation (MMTC) |
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| 1. |
Sometimes
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. |
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| 2. |
This
facility would be operated by SBI and MMTC in Delhi, Mumbai and Thiruvananthapuram and
specified delivery centers. |
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| 3. |
Passengers
availing of this facility would have the option to make the payment for the gold in
foreign exchange either abroad or in India. |
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| 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. |
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| 5. |
Passengers
intending to avail of the facility of delivery of gold 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
Thiruvananthapuram. |
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| 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. |
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| 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 up to an aggregate value of
ten thousand rupees in the case of a male passenger and twenty thousand rupees in case of
a female passenger. The jewellery, which is in addition to the jewellery otherwise allowed
without payment of duty (under the Baggage Rules) only is liable to payment of duty under
the above mentioned scheme for import of gold. |
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| Concessional duty on Import of Gold as Baggage |
| 1. |
The
required duty shall be paid in convertible foreign currency; |
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| 2. |
The
eligible passenger (eligible conditions as given above) should file a declaration in the
prescribed form before the proper officer of customs at the time of his arrival in India
declaring his warehouse and pays the duty leviable thereon before his clearance from
customs. |
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| Clearance of Gold on Payment of Duty |
| 1. |
1.The
passenger is required to file a declaration on the prescribed form before the Customs
Officer at the time of arrival in India stating his intention to obtain the gold from the
customs bonded warehouse and pay the duty before clearance. |
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| Gold Coins |
| 1. |
There
is no restriction on import of foreign coins (whether current or non-current) made of gold
or any other metal. Eligible passengers may be allowed to import gold in any form,
including coins whether current/non-current/commemorative) but excluding jewellery studded
with stones or pearls. |
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