{"id":116403,"date":"2024-03-11T16:14:10","date_gmt":"2024-03-11T10:44:10","guid":{"rendered":"https:\/\/www.muthootgoldpoint.com\/?p=116403"},"modified":"2024-03-11T17:08:15","modified_gmt":"2024-03-11T11:38:15","slug":"nri-customers-who-are-getting-gold-while-returning-to-india","status":"publish","type":"post","link":"https:\/\/www.muthootgoldpoint.com\/kn\/blog\/nri-customers-who-are-getting-gold-while-returning-to-india\/","title":{"rendered":"NRI customers who are getting gold while returning to India"},"content":{"rendered":"

How much gold can an NRI carry to India?<\/h2>\n

Along with monetary value, gold holds a cultural value in India. It is also a lucrative investment option with mass resistance against market fluctuations. Many Indians add this yellow metal to their portfolio to mitigate the risk. It is even more beneficial for NRIs as they can source superior quality gold at favourable rates from abroad and sell it here to obtain cash for gold<\/a>. If you are an NRI intending to bring gold to India, it is advisable to know the legal implications regarding the same.<\/p>\n

According to the latest Indian customs gold<\/b> regulations, male passengers can carry up to 20 gms of gold, not exceeding Rs. 50,000 value, duty-free into India. Conversely, female passengers can bring 40 gms of gold, not exceeding Rs. 1 Lakh value, duty-free into the country. These guidelines also apply to children if they have been abroad for over a year. If they have not stayed abroad for over six months, they must pay custom duty on gold in India<\/b> upon arrival.<\/p>\n

What Amount is Permitted to Bring to India | Indian Customs On Gold<\/h2>\n

Let\u2019s look at the allowances for carrying gold to India:<\/p>\n

Free From Duty Limit<\/h2>\n

When it comes to how much gold is allowed in India<\/b>, the duty-free limits are 20 gms worth not more than Rs. 50,000 for male passengers and 40 gms worth not more than Rs. 1 Lakh for female passengers. The same duty-free limits apply to children as well, provided they have lived abroad for over a year.<\/p>\n

Mandatory Terms and Conditions<\/h2>\n

\tThe passenger must have stayed in the foreign country for over twelve months.<\/p>\n

Gold Jewellery Only<\/h2>\n

\tThe duty-free gold allowance applies to plain gold jewellery only. It does not include studded diamonds, gems, or other forms of gold.<\/p>\n

Excess Gold Requires Special Permission<\/h2>\n

\tIf you plan to bring other forms of gold into the country, you must declare it and pay import duty on gold in India<\/a>. You must also declare it if you want to carry gold beyond the duty-free allowance. Hiding the gold jewellery in baggage without declaring is a criminal offence and can lead to fines, penalties, confiscation, and other consequences. <\/p>\n

Pay Legal Custom<\/h2>\n

In January 2024, the government increased the gold import tax in India<\/b> from 11% to 15% on all gold and silver coins and findings. It includes 10% BCD (Basic Customs Duty) and 5% AIDC (Agriculture Infrastructure Development Cess). However, it is exempt from SWC (Social Welfare Surcharge). The objective of gold tax in India<\/b> is to prevent tax evasion when importing gold findings to the country. India is one of the largest gold consumers receiving most of the supplies through imports.<\/p>\n

Have Relevant Documents<\/h2>\n

Having receipts and appraisals with identifiable photographs is a good practice, especially if you intend to take the jewellery back to a foreign country from India when leaving. You will need to present the appraisal to document the jewellery.<\/p>\n

Don\u2019t Carry Unreasonable Amount<\/h2>\n

The main objective of Indian customs gold<\/b> regulations is to stop the illegal import of yellow metal. Most customs officers do not look for NRIs bringing a reasonable amount of gold jewellery to wear during their trip.<\/p>\n

Get the Appraisal In Your Home Country<\/h2>\n

To avoid complications with customs at Indian airports, consider getting the appraisal done in your home country. The appraiser will give the item\u2019s photo with its gold content, weight, etc. The passengers must carry this appraisal to declare that they will take their jewellery back out of India when they leave.<\/p>\n

Other Key Points To Keep In Mind<\/h2>\n

Here are a few other points to keep in mind:<\/p>\n

Remaking<\/h3>\n

If you bring gold to India and remake it, the customs department will treat it as a new item and calculate the import duty based on its appraisal value.<\/p>\n

Know the Maximum Limit<\/h3>\n

Male passengers can carry up to 20 gms of gold (value not exceeding Rs. 50,000), and female passengers can carry up to 40 gms of gold (value not exceeding Rs. 1 Lakh).<\/p>\n

Only Jewelleries are Eligible for Duty-free Allowance<\/h3>\n

The duty-free allowance applies to gold jewellery only and not to gold bars, biscuits, and coins. <\/p>\n

NRI customers who are getting gold while returning India<\/h2>\n

Looking to sell gold in India as a Non-Resident Indian (NRI)? Muthoot Gold Point offers a seamless process for NRIs returning to India with gold to sell.<\/p>\n