Information About Gold Importing To India

Today we are sharing you information about gold importing to India.Indian passenger who has been residing abroad for over one year is allowed to bring jewellery,free of duty in his bonafide baggage upto an aggregate weight.In the case of male passenger can bring 20 grams maximum value of Rs.50,000.In the case of female passenger can bring 40 grams maximum value of 100,000.The duty free allowance on gold jewellery is applicable to children also,provided they have stayed abroad for 1 year.Persons of Indian origin (NRI, OCI, PIO) returning to India after a stay abroad  of at least six months can take up to 1 kilogram of gold to India.This 1 kg of gold is NOT allowed in duty free. Duty has to be paid.The current rate of duty on gold that is within the allowed 1 kg limit is  calculated @ 10 % [Notification No.12/2012-Cus].The price of gold is calculated based on the value notified by the government  of India. This value is subject to change from time to time as market  conditions change the value of gold.Customs duty has to be paid in convertible foreign currency.In case the passenger bringing in the gold has not stayed abroad for 6  months, then duty @ 36.05% may be charged on all the gold the passenger  arrives with.Normally customs officials donot mind if ladies are wearing small jewellery for daily use.For eg: small chain,a pair of ear ring,finger ring,bangle etc.

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