FAQs on Import of Gold by NRI's
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.
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.
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.
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.
ANIT PROMOTERS
1st Floor Varghese Plaza,
Opp: ICICI ATM,
Vetturnimadam,
Nagercoil -3.
Mobile : 9500946903.
Email : anitpromoters@gmail.com
Web: www.anitpromoters.com
No comments:
Post a Comment