Importing Gold At Indian Airports – 5 Tips
When we say ‘Jewelry’, mostly it is made of gold as that is more popular in India and price of it is rising every day. Nowadays gold has become an good investment option for not only people in India but also Indians travelling to India.
People usually buy gold coins or bars from Gulf countries to India where the purity of gold is very good and it is of 24 carat whereas it is 22 carat in India. Although the government does not have much regulations on the normal jewelry worn by the person, it imposes several restrictions on bringing gold bars or wearing excessive jewelry to avoid importing gold in India. Also the customs duty on gold has been increased from 6% to 8% recently and the authorities are vigilant on catching the gold that is brought as a part of your baggage.
Customs duty on Gold Jewelry
There is a limit on the allowed quantity of gold jewelry carried by men or women. If it exceeds the prescribed one, then they have to pay the customs duty for it.As per the latest customs regulations a male passenger can carry gold jewelry up to an aggregate value of Rs.50,000 and it is Rs.1,00,000 for the female passenger. It means there is no customs duty if the total value of jewelry carried is within the above limitations.
Mostly custom officials won’t look the persons who wear moderate jewelry. Their eyes are always on people who bring gold bars or coins or wear excessive jewelry which is clearly an act of gold import.
Customs duty on Gold Bars
Duty free allowance is available only for gold jewelry and not for gold bars. So you have to definitely declare and pay the customs days for the gold bars. The maximum weight of gold in any form that a person can carry is 1 kg.
The duty fee for gold bars which have the manufacturers or bearers serial number engraved on it and the weight expressed in metric units is Rs.300 per gram + 3% education cess. Gold in any form like ornaments other than bars have the duty fee of Rs.750 per gram + 3% education cess.
Customs duty on Gold Coins
The calculation for customs duty on gold coins is the same as that for bars and has the same restriction on the total allowed weight (i.e 1 kg).
Taking the jewelry back
There is no restriction on how much jewelry you are taking if you are a person of Indian origin on a short trip to India and you are going to take the jewelry back.Keep all the documents related to it like the original receipts of the purchase.If the jewelry is bought in India also, you need to provide the proof. On arrival to the Indian airport,declare all the jewelry items that you want to take back and make sure the items gets endorsed on your passport so that you don’t have a problem when you return.
Some countries like Canada does not allow the passengers to buy any gold from India. Be ready to show that you carry only the jewelry you took and did not buy anything new.
Get an appraisal in your country itself
Getting the endorsement for jewelry items in a passport will be difficult as it won’t have serial number or model number like and electronic item. So get the help of an appraiser in your country who will take a photograph of all the jewelry items and record the information like weight, gold content etc. Carry this certificate with yourself and show it to the customs authorities and make them clear that you have no intention of importing gold in India and you are going to take it back.
If you fail to follow this step, the customs authorities may keep the jewelry items with them and give you a receipt of acknowledgement so that you can collect it back while returning to your country.
Tips to avoid problems with customs
– Wear only the minimal amount of jewelry and avoid showcasing yourself like a doll in the jewelry shop with all kinds of ornaments which will naturally trigger the custom officials to look at you and ask all sorts of questions.
– Declare all the gold items other than jewelry.
– Keep a list of all the gold items you have taken with you with all their receipts and other documents if any.
– Don’t try to hide any item fearing to pay customs duty as it may lead to severe consequences.
Hi, Mani Karthik here. Having lived in USA, India & Middle East, and worked for big MNC’s to startups, I have a lot to share with you. My aim is to help people, by sharing everything I’ve learned in life, through this blog. It’s read today by more than 150K people world over! I currently live in LA, California and visit India occasionally. Here’s my full story on who I am and why I blog. Connect with me on FB, Instagram, Twitter or WhatsApp (+001-408-489-4785). Happy to help! 🙂