FAQs on Import of Gold by NRI's

FAQs on Import of Gold by NRI's

http://indiacustoms.blogspot.com/2008/01/import-of-gold-silver.html


Can NRIs bring gold into India?


Yes.
NRIs can bring into India gold upto 10,000 grams as part of their baggage once in
six months provided they have stayed abroad for a continuous period of six months.

In what form can the gold be brought into India?
The gold may be brought into India in any form, including ornaments (other
ornaments studded with stones and pearls).

Are NRIs required to pay customs duty on the gold brought by them into India?
Yes.
They are required to pay customs duty in any convertible foreign currency at a rate equivalent to Rs.220/- per 10 grams of gold. (may change from time to time)

How often can a NRI bring gold into India?
A NRI can bring gold into India once in six months.

Is it necessary that the NRI should have stayed abroad at least for a minimum period of six months prior to his return to India for being eligible to bring gold?
Yes.


Check Gold Prices & Charts in India and Overseas Market


Import of Silver by NRI's
Can NRIs bring silver into India?
Yes. NRIs can bring to India silver upto 100 kilograms as part of their personal baggage.

What is the rate of duty payment on such import?
The rate of duty on import of silver is Rs. 500 per kilogram which is payable in foreign currency. (may change from time to time)

Can NRI's bring both gold and silver?
Yes.

Can NRIs sell gold/silver imported by them to residents?
Yes. Gold/silver so brought by NRIs can be sold to residents against payment in rupees. Reserve Bank has granted general permission to persons resident in India to make payment to NRIs in Indian rupees by means of a crossed cheque in India and that such rupees are credited to Ordinary Non-resident Rupee (NRO) account of the NRI seller.



Rules & Regulations


Jewellery which is in addition to the duty free jewellery otherwise allowed


without payment of duty only is liable to payment of duty

(a) Who can import Gold as Baggage

Any passenger of Indian origin or
Any Passenger holding a valid passport issued under the Passport Act 1967



(b) Eligibility Conditions and Customs Duty

Short visits if any during this 6 months is ignored if the duration on such short visit does not exceed 30 days and the passenger has not availed of the exemption under this scheme at the time of such short visit.




The duty at the rate of Rs. 250 per 10 gm should be paid by the passenger in convertible Foreign currency
The weight of Gold (including ornaments) should not exceed 10 Kg per passenger
The gold is carried by the eligible passenger at the time of his arrival in India or is imported by him within 15 days of his arrival in India
Ornaments studded with stones and pearls will not be allowed to be imported under this scheme.
The passenger can also obtain the permitted quantity of gold from Customs bonded warehouse of State Bank of India and Metal and Mineral Trading Corporation subject to conditions (i) and (iii). He 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. Customs bonded warehouse and pay the he passenger can also obtain the permitted quantity of gold from Customs bonded warehouse of State Bank of India and Metal and Mineral Trading Corporation subject to conditions (i) and (iii)He 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 duty before clearance.


Note: The jewellery, which is in addition to the jewellery otherwise allowed without payment of duty, only is liable to payment of duty under the above mentioned scheme for import of gold/silver.


Clearence of Silver on payment of duty


(a) Who can import Silver

Any Passenger of Indian Origin or

Any passenger holding a valid passport issued under the Passport Act 1967.



(b) Eligibility conditions and Customs Duty

Short visits if any during this 6 months is ignored if the duration on such short visit does not exceed 30 days and the passenger.has not availed of the exemption under this scheme at the time of such short visit.

The duty at the rate of Rs. 500 per Kilogram should be paid by the passenger in convertible Foreign currency

The quantity of Silver should not exceed 100 Kilogram per passenger

The Silver is carried by the eligible passenger at the time of his arrival in India or is imported by him within 15 days of his arrival in India

Ornaments studded with stones and pearls will not be allowed to be imported under this scheme.

The passenger can also obtain the permitted quantity of silver from Customs bonded warehouse of State Bank of India and Metal and Mineral Trading Corporation subject to conditions (i) and (iii). He 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 silver from the Customs bonded warehouse and pay the duty before clearance.Customs bonded warehouse and pay the he passenger can also obtain the permitted quantity of silver from Customs bonded warehouse of State Bank of India and Metal and Mineral Trading Corporation subject to conditions (i) and (iii). He 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 silver from the duty before clearance.