25 July 2011
Any passenger of Indian Origin or a passenger holding a valid passport, issued under the Passport Act, 1967, who is coming to India after a period of not less than six months of stay abroad; and short visits, if any, made by the passenger during the aforesaid period of six months shall be ignored if the total duration of stay on such visits does not exceed thirty days.
Other Conditions
(i) The duty shall be paid in convertible foreign currency. (ii) The weight of gold (including ornaments) should not exceed 10 kgs. per passenger. (iii) The passenger should not have brought gold or other ornaments during any of his visits (short visits) in the last six months i.e. he has not availed of the exemption under this scheme, at the time of short visits. (iv) Ornaments studded with stones and pearls are not allowed to be imported. (v) The passenger can either bring the gold himself at the time of arrival or import the same within fifteen days of his arrival in India as unaccompanied baggage. (vi) The passenger can also obtain the permitted quantity of gold from Customs bonded warehouse of State Bank of India and Metals and Minerals Trading Corporation subject to conditions (i) and (ii)above. He is required to file a declaration in 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.
Effective Rate of Duty for Gold imported by Passengers
S. No. 1
Description of goods:-
Gold bars, other than tola bars, bearing manufacturer’s or refiner’s engraved serial number and weight expressed in metric units, and gold coins.
Rate: - Rs. 100 per 10 gms.
Gold in any form other than at S. No. 1 above, including tola bars and ornaments, but excluding ornaments studded with stones or pearls Rs. 250 per 10 gms.
FOR MORE INFO:- https://igiacustoms.gov.in/c-number.htm
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