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Import duety & document required

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rajeev

regional manager

39 Points Posted on 24 October 2012

hello

i want one clearance on this

i am buy some reproduces gold plated coins from usa at 240$ and he dispatch this as a gift with declare value 96$

i revived custom department letter for provide invoice ,IEC no & custom duty details if and'

so please provide me details about this what i do

as i know if item declare value less then 10k then no required any invoice and IEC no

i call custom department then they say for IEC limit is only 2000/- so they required IEC no and they also want payment details

so please provide me some details about on this

Replies (1)

Rama Krishnan

MBA

571 Points Posted on 24 October 2012

PEOPLE WITH LITTLE KNOWLEDGE ALWAYS END UP IN TROUBLE, YOU HAVE LITTLE KNOWLEDGE THAT WHY YOU ARE UNDERVALUING THE GOODS .

YOU ARE IMPORTING SOME COINS AND TO ME IT DOES NOT LOOK LIKE A GIFT/PERSONAL IMPORTS, IF SO YOU CAN GET AWAY WITHOUT AN IEC, THERE ARE PROVISIONS UNDER EXIM POLICY FOR PERSONAL IMPORTS.

SINCE YOURS IS COMMERCIAL TRANSACTION INVOLVING FOREIGN REMITTENCE, YOU NEED TO HAVE AN IEC, THERAFTER DECLARE CORRECT VALUE OF GOODS 240USD , PAY CUSTOMS TAX AND CLEAR THE GOODS.

THERE IS SOME SORT RESTRICTION ON GOLD AND GOLD PLATED IMPORTS, SO PRIOR TO IMPORTS ALSO DO CHECK WITH CUSTOMS , AT THE PORT WHERE YOU INDENT TO IMPORT.