How much gold can NRI import?
Whats the Customs duty for 24k Gold Bar import by NRI?
Whats the procedure for NRI to buy gold from MMTC after reaching India?
As per Customs Baggage Process, NRI can take delivery of goods at Customs Bonded Warehouses. does it mean Custom Bonded warehouses Sell Gold or NRI can take delivery of gold in Custom Bonded Warehouses ?Kept in Customs on landing india?
Kindly provide details.
Male passengers are allowed to bring in duty free gold worth Rs 50,000 into India. For women the limit is Rs 1 lakh. If you are carrying gold over and above these limits, you will be subject to duty.
You can import gold bars, coins and ornaments up to 1 kg during your trip to India, subject to payment of duty. You would need to declare the gold on arrival and pay duty which presently is 4% of notified value in case of gold bars bearing serial number, weight and manufacturer's name and 10% in case of any other kind of gold, including jewellery. The 'notified' value is a value determined by the Government from time to time.
The only pre-condition for gold import is that NRIs should have stayed abroad for a period of six months or more. "Since the scheme provides import facility after a stay of six months, an NRI can import gold once in six months. However, short visits to India of 30 days or less are ignored in calculating this period of 6 months," explains Rajesh Dhruva, CEO of femaonline.com.
actually i dont have much knowledge in this area.........
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