Norms for gold import in India tightened.

NEW DELHI: The government has tightened norms for Indians bringing gold into the country following a spurt in smuggling and pressure on inward remittances as overseas workers prefer to bring their savings in gold.

Passengers will now have to mention the engraved serial number of gold bars in the baggage receipt issued by Customs. For bringing gold in any other form, including ornaments, passengers will have to declare item-wise inventory of the ornaments being imported with baggage receipt, according to a Central Board of Excise & Customs directive.

The apex indirect taxes body has also directed its field officials to ascertain the antecedents of such passengers, source of funding for gold as well as duty being paid in foreign currency, person responsible for booking of tickets to prevent the possibility of misuse of the facility by unscrupulous elements, who may hire such eligible passengers to carry gold for them.

"It has come to the notice of the board that there has been a spurt in import of gold by eligible passengers through various airports in the recent past across the country," the CBEC directive said on Thursday.

As per current rules, any passenger of Indian origin or a passenger holding a valid passport issued under the Passport Act, 1967 coming to India after a period of not less than six months of stay abroad is eligible to import gold in the form of bars and ornaments on payment of 10% Customs duty.

The board said there is no uniformity in clearance of such eligible passengers. At many airports, the engraved serial number of gold bars and tola bars are not mentioned in the baggage receipts when imported by passengers.

Source : economictimes.indiatimes.com