Powered by InfodriveIndia.com

Import Gold and Silver by NRI.


MODES OF INTERNATIONAL TRADE

Introduction

Reserve 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 Gold
A 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 Silver
Gold 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 Warehouse
This 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)

  1. 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.

  2. This facility would be operated by SBI and MMTC in Delhi, Mumbai and Thiruvananthapuram and specified delivery centers.

  3. Passengers availing of this facility would have the option to make the payment for the gold in foreign exchange either abroad or in India. 

  4. 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.

  5. 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.

  6. 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  Contents



Enquiry Form

Fields marked with an asterisk * are required.

 




What is New?

Date: 28-05-2015
RBI//2014-15/615 A.P. (DIR Series) Circular No.104
Exim Bank's GoI supported Line of Credit of USD 100 million to the Government of Republic of Mali

Date: 28-05-2015
RBI/2014/15/616 A.P. (DIR Series) Circular No. 105
Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR

Date: 28-05-2015
Customs Notification No. 35/ 2015
seeks to further amend notification no 12/2012 - Customs dated 17/03/2012

Date: 28-05-2015
Central Excise Notification No 31/2015
Seeks to further amend notification no 12/2012 - Central Excise dated 17/03/2012

Date: 27-05-2015
Notification No. 23/2015-Customs (ADD)
Seeks to levy definitive anti-dumping duty on imports of Purified Terephthalic Acid, originating in or exported from Korea RP and Thailand for a period of five years from the date of imposition of provisional anti-dumping duty i.e. 25th July, 2014

Date: 26-05-2015
Trade Notice No.02/2015
Updation of Importer-Exporter Profile regarding.

Date: 26-05-2015
Customs Circular No 17/2015
Regarding Import, trading & re-export of rough diamonds by notified entities in Bharat Diamond Bourse, Bandra Kurla Cargo Complex, Mumbai

Date: 25-05-2015
Central Excise Notification No 30/2015
Seeks to further amend Notification No. 22/2003-Central Excise, dated the 31st March, 2003

Date: 25-05-2015
Central Excise Notification No 29/2015
Seeks to further amend notification No. 6/2005-CE dated 1.3.2005

Date: 25-05-2015
Customs Notification No. 34/ 2015
Seeks to further amend Notification No. 52/2003-Customs, dated the 31st March, 2003