Take Gold And Silver
Import of GOLD
Indian nationals have been formally permitted by the RBI to
bring into the country up to 10,000gms, of gold so long as they
have completed a 6-month stay abroad.
They have to comply with filling in a baggage declaration form
for the unaccompanied baggage.
Re-export of the gold would be permitted if they are unable to
clear the goods due to a shortage of foreign exchange for paying
Customs duty.
Conditions
1.The person concerned should be of Indian origin and should be
in procession of a valid passport. 2.The maximum limit that
could be brought in is 10 kgs and is subject to the condition
that the required customs duty is paid
3.It should be preceded by a minimum of a six-month stay abroad.
4.The gold may be either in the form of gold biscuits or
ornaments including those studded with precious stones
5.The duty payable should be in convertible foreign currency at
the rate of Rs. 400 per 10 gms.
6. A time limit of 15 days has been set after the arrival of the
importer before which a declaration has to be filed by the
importer for obtaining the permitted quantity of gold from the
customs bonded warehouse of State Bank of India or from the
Metal & Mineral Trading Corporation.
Baggage Rule for import of Gold
Custom Bonded Warehouse offers an option to take delivery of the
gold in India from the customs bonded warehouses to be operated
by the State Bank of India and the Minerals and Metals Trading
Corporation
1.The concept of Customs Bonded Warehouses was introduced to
neutralise the risk the importers have to undergo if they were
to arrive at the airport during the wee hours of the day.
2.This facility would be operated by SBI and MMTC in Delhi,
Mumbai and Thiruvananthapuram and other specified delivery
centers.
3. Payments could be made for the gold in foreign exchange
either abroad or in India by those who avail of this facility.
4. If the passenger had already made the payment abroad and on
arriving it were to be found that he was not eligible to make
the imports, then he would be refunded, as the provision for
this has been incorporated in the scheme.
5.All those who wish to avail of the facility of delivery of
gold through such warehouses should make the necessary
declarations at the time of their arrival
6.The customs authorities concerned are authorised to decide
upon the eligibility of the passengers to make the imports.
Gold Jewellery
1. Those passengers who have stayed abroad for periods exceeding
one year could bring into India free of duty, jewellery up to a
value of ten thousand rupees in the case of a male passenger and
twenty thousand rupees in case of a female passenger. Anything
in excess of this quantity would be liable to payment of duty
under the above mentioned scheme for import of gold.
Concessional duty on Import of Gold as Baggage
1.The duty should be paid in convertible foreign currency
2. A declaration should be filed by the passenger in the
prescribed form before the proper officer of customs at the time
of his arrival in India and pay the duty leviable thereon before
his clearance from customs.
Clearance of Gold on Payment of Duty
1.The passenger concerned would have to formally file a
declaration on the prescribed form before the customs officer at
the time of his arrival in India indicating his intention to
obtain the gold from the customs bonded warehouse and pay the
duty before clearance.
Gold Coins
1.There are no restrictions as such where the import of gold
coins of foreign origin is concerned.
Import of SILVER
Those of Indian nationality or origin could bring into India
a maximum of 100 kgs of silver as a part of their baggage if
they had stayed abroad for a period of six months or more. They
have to go through the formality of filling up a baggage
declaration form for the unaccompanied baggage. In case the
passenger is unable to clear the silver due to insufficient
foreign exchange for paying Customs duty, re-export of the same
would be permitted.
Conditions
1. The person concerned should be of Indian origin and hold a
valid passport.
2. A maximum of 100 kgs of silver could be brought in.
3. The Passenger concerned should have spent a minimum of six
months abroad.
4. It may be in any form other than ornaments studded with
stones and pearls.
5. The import duty applicable is Rs. 500 per kilogram which is
payable in foreign currency.
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.
7. The importer is obliged to file a declaration for obtaining
the permitted quantity of silver from the customs bonded
warehouse of State Bank of India or from Metal & Mineral
Trading Corporation subject to other conditions.
Baggage Rule for import of Silver
Custom Bonded Warehouse:
The State Bank of India and the Minerals and Metals Trading
Corporation make available the facility for taking delivery of
the metals in India from the customs bonded warehouses.
1. Customs Bonded Warehouses serve the purpose of reducing the
risk factors for those passengers who arrive in late night
flights.
2. This facility would be operated by SBI and MMTC in Delhi,
Mumbai and Thiruvananthapuram and other specified delivery
centers.
3. The payment could be made by the passengers either abroad or
in India.
4. A refund facility is also available for those who had made
the payment abroad and after arriving on home soil find that
they are ineligible to make such imports.
5. Those who wish to avail of this facility would be obliged to
make a declaration to this effect before the customs authorities
at the time of their arrival in the country at the respective
airports namely Sahar, IGI Delhi and Thiruvananthapuram.
6. Where the eligibility to make such imports is concerned, it
would be left to the discretion of the customs authorities
concerned, and once the goods are cleared by them, the duty has
to be deposited at the airport itself.
Silver Jewellery
1. If a passenger had already stayed abroad for more than a
year, he could bring in silver jewelry already in his use
subject to a maximum limit of ten thousand rupees in the case of
a male passenger and twenty thousand rupees in case of a female
passenger. This jewellery is liable to payment of duty under the
above mentioned scheme for import of silver.
Concessional duty on Import of silver as Baggage
1. Convertible foreign currency is the medium of payment of the
duty.
2. A formal declaration should be filed in the prescribed form
by the passenger at the time of his arrival in India and he
should pay the duty leviable thereon before his clearance from
customs.
Clearance of Silver on Payment of Duty
1. The passenger should file a declaration on the prescribed
form before the Customs Officer immediately on arrival in India
wherein he should state his intention to obtain the silver from
the customs bonded warehouse and pay the duty before clearance.
Silver Coins
1. No restrictions exist in regard to the import of silver coins
and also jewellery for that matter so long as they are not
studded with precious stones or pearls.
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