India is the world’s second-biggest gold consumer after China. So it’s no secret that Indians love to invest in gold when they travel abroad. This mostly happens as a result of lower rates and the availability of higher quality. Indians mostly bring gold from abroad so that they can conveniently convert it into cash later. But with high custom duty and restraining circ*mstances, it has been a little difficult to carry gold to India in the last few years.
Currently in India, the price of 24 carats of gold is Rs 51,170/10 gram while the price of 22 carats of gold is Rs 46,880/10 gram. And with the recent surge of Rs 330 in the prices of gold, know how much gold you are allowed to bring when you are flying back to India.
Is Carrying Gold To India Legal?
Gold is totally portable but with the gems and jewelry export increasing by nearly 50% in 2021-22 to USD 39 billion in India, you might need to pay more for the import. You also need to be aware of the restrictions on the quantity of gold before you bring anything back with you to India. It’s your residency status and duration of stay abroad that’s going to determine the quantity of gold allowed in India and the customs duty to be paid.
#GoldImport | Import Duty on gold hiked by 5% from 7.5% to 12.5% pic.twitter.com/pydRKdYau9
— CNBC-TV18 (@CNBCTV18Live) July 1, 2022
Can You Bring Gold To India Without Paying Customs?
Nriguides.com states that if you happen to be an Indian passenger living abroad for more than one year, you shall carry gold to India without paying any customs duty. However, you won’t be paying customs only up to the aggregate weight of 20 Grams, subject to a maximum value of Rs 50,000 in the case of a male passenger. In the case of a female passenger, the weight is up to 40 Grams of gold, subject to a maximum value of Rs 100,000. But if it’s a male and female who have stayed abroad for less than a year, then there will be no free allowance to bring back any type of gold in India. Also, If you have stayed abroad for over a year, the discounted duty payable is 13.75%.
What Is Allowed And What Isn’t?
Allowed:
The duty-free allowance will be applicable to children as well, provided they have stayed abroad for more than one year.
Not Allowed:
You can not bring a gold coin, gold biscuit, or gold bar within the allowance limit. The allowance remains available only for gold jewelry. So if you carry gold in other forms, you will be liable to pay customs.
Also read: Gold Worth Rs52 Lakhs Found Hidden Under SpiceJet Seat At Jaipur Airport
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