Import Gold and Silver by NRI. Introduction Import of Gold Silver Selling of imported Gold and Silver Custom Bonded Warehouse IntroductionReserve Bank of India has granted general permission to persons of Indian nationality or origin to bring into India a limited amount of gold and silver. However, import of gold and silver is govern by certain rules and regulation and are given in detail below. Import of GoldA NRI who has been residing in a foreign country for over one year and is returning to India may be allowed to import jewellery without paying any custom duty in his use up to an aggregate value of ten thousand rupees in the case of a male passenger. In case of a female passenger, an individual can import gold of up to rupees twenty thousands. If the amount of gold imported exceeds the import duty free range, then the custom duty charges an amount of Rs. 250 per 10 gms of gold. Even in such a situation, an individual is only permitted to import a maximum of 10 kg of Gold as a part of their baggage after paying the required customs duty. It should also be noted that that these facilities is given only to those passengers who is coming to India after a stay abroad of about six months. Gold may be brought into India in any form, including ornaments; however, a declaration is needed to be filled by the importer for obtaining the permitted quantity of gold from customs bonded warehouse of State Bank of India or from Metal & Mineral Trading Corporation subject to other conditions.In case where a passenger has declared the gold, but could not clear it for want of sufficient foreign exchange for paying Customs duty, then re-export of the same may be permitted. Silver A Non Resident Indian can import silver in any form up to 100 kilos at a time provided he is coming to India after 6 months stay abroad. Duty is payable @ Rs. 500/- per Kilo.Selling of imported Gold and SilverGold and silver so brought by NRIs can be sold to residents against payment in rupees. But it should be credited in rupees and credited to Ordinary Non-resident Rupee (NRO) account of the NRI seller.Custom Bonded WarehouseThis is an option to take delivery of the metals in India from the customs bonded warehouses to be operated by the State Bank of India and the Minerals and Metals Trading Corporation (MMTC) Sometimes physical carriage of gold involved security hazards, particularly for passengers arriving by flights landing at odd hours during nights, it was thought fit to introduce Customs Bonded Warehouses. This facility would be operated by SBI and MMTC in Delhi, Mumbai and Thiruvananthapuram and specified delivery centers. Passengers availing of this facility would have the option to make the payment for the gold in foreign exchange either abroad or in India. In cases where passengers had made the payment abroad and were found ineligible for import on their arrival in India, appropriate provision for refund would be provided under the scheme. Passengers intending to avail of the facility of delivery of gold through such warehouses would be required to make a declaration to this effect before the customs authorities at the time of their arrival in the country at the respective airports – Sahar, IGI Delhi and Thiruvananthapuram. The eligibility of the passengers would be decided by the customs authorities at the time of customs clearance of the passengers and such passengers would deposit the duty at the airport itself. Table of ContentsChapter 1 Starting Import IntroductionChapter 2 Preliminaries for Starting Import BusinessChapter 3 Registration of ImportersChapter 4 Guidelines And Rules for ImportChapter 5 Selecting The Overseas ExporterChapter 6 Import LicenseChapter 7 Import Trade Governing BodiesChapter 8 Import of SamplesChapter 9 Finalizing The Terms of ImportChapter 10 Import DutiesChapter 11 Import RisksChapter 12 Import Incentives under Special SchemesChapter 13 Methods of Payment in Import TradeChapter 14 Import of Personal BaggageChapter 15 Import of GiftsChapter 16 Impor of Cars Vehicle Commerical and Non CommercialChapter 17 Import of Gold And Silver by NRIChapter 19 Custom Clearance of Imported GoodsChapter 18 Import of Drugs And MedicineChapter 20 Import of Scrap And Waste ProductsChapter 21 Import Laptops And ComputersChapter 22 Import Dos And Donts
Get Sample Now Which service(s) are you interested in? Export Data Import Data Both Buyers Suppliers Both OR Exim Help + Exim News Date: 29-07-2017 India Cements posts April-June quarter net at Rs 26.44 cr Date: 29-07-2017 Vietnam eats into India's cashew export plans Date: 29-07-2017 DRDO to tap overseas export market Date: 29-07-2017 GST Impact: Kellogg India cuts prices on select breakfast cereals by up to 5 percent Date: 28-07-2017 India starts anti-dumping probe into chemical import Date: 28-07-2017 India's Q1 coal imports fall 8.1 per cent Date: 28-07-2017 India's falling trade deficit opens space to reduce gold import tax: govt official Date: 28-07-2017 BoA clears de-notification of 81 SEZs Date: 28-07-2017 Government targets $60 billion gems and jewellery exports by 2022 Date: 27-07-2017 Reading the tea leaves What is New? Date: 20-07-2017 Notification No. 72/2017 - Customs (N.T.) Rate of exchange of conversion of the foreign currency with effect from 21st July, 2017 Date: 18-07-2017 Central Excise Notification No. 21/2017 Central Excise Notification No. 21/2017 Date: 18-07-2017 Notification No. 22/2017- Central Excise (N.T.) Notification No. 22/2017- Central Excise (N.T.) Date: 14-07-2017 Notification No. 67/2017-Customs Seeks to further amend notification no. 25/2005-customs dated 01.03.2005. Date: 14-07-2017 Notification No. 71/2017 - Customs (N.T.) Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver Date: 13-07-2017 Notification No. 35/2017-Customs (ADD) Seeks to Impose provisional anti-dumping duty on imports of 'O-Acid" originating in exported from China PR Date: 13-07-2017 Notification No. 34/2017-Customs (ADD) Seeks to extend levy of anti- dumping duty on imports of ' Grinding Media Balls' (excluding Forged Grinding media Balls), originating in, or exported from, Thailand and people's Republic of China imposed vide Notification 36/2012- Customs (ADD) ,dated 16th July, for one year i.e. up to and inclusive of the 15th July, 2018. Date: 13-07-2017 Instruction Constitution of Review Committees of the Commissioners of Central Excise and Service Tax-Regd. - 04/2017 Date: 13-07-2017 Instruction Constitution of Review Committees of the Commissioners of Central Excise and Service Tax-Regd. - 03/2017 Date: 13-07-2017 Instruction Constitution of Review Committees of the Chief Commissioners of Central Excise and Service Tax-Regd. - 02/2017
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