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Imports of Gold by NRIs
 
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.
  
1. A baggage declaration form has to be filled for the unaccompanied baggage.
  
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
   
Conditions
1. The required eligibility is that the person should be of Indian origin and holding a valid passport.
  
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
  
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.
  
4. The gold may be brought into India in any form, including ornaments (other than ornaments studded with stones and pearls).
  
5. Rate of duty is payable in convertible foreign currency at the rate of Rs. 250 per 10 gms of gold.
  
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.
  
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.
  
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)
  
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.
  
2. This facility would be operated by SBI and MMTC in Delhi, Mumbai and Thiruvananthapuram and specified delivery centers.
  
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.
  
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 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.
  
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.
  
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.
  
Concessional duty on Import of Gold as Baggage
1. The required duty shall be paid in convertible foreign currency;
  
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.
  
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.
  
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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