- Any passenger of Indian origin (even if a foreign national except Pakistani/Bangladeshi national).
- Any passenger holding a valid passport issued under the Passport Act, 1967. (That is Indian passport holder).
- The weight of gold (including ornaments) should not exceed 1 kg. per passenger. The weight of silver (including ornaments) should not exceed the quantity of 10 kgs. per passenger.
- Such passenger is coming to India after a period of not less than six months of stay abroad. However, short visits during these six months shall be ignored if the total duration of such short visits does not exceed 30 days and the passenger has not availed of the exemption under this scheme, at the time of such short visits.
- Ornaments studded with stones and pearls will not be allowed to be imported under the scheme mentioned above.
- The passenger can either bring the gold/silver himself at the time of arrival or import the same within fifteen days of his arrival in India as unaccompanied baggage. There is no restriction on the sale of gold in India.
- The passenger can also obtain the permitted quantity of gold/silver from Customs bonded warehouse of State Bank of India and Metals and Minerals Trading Corporation subject to conditions (i) and (iii). He is required to file a declaration in the prescribed form before the Customs Officer at the time of arrival in India stating his intention to obtain the gold from the Customs bonded warehouse and pay the duty before the clearance.
- The duty shall be paid in convertible foreign currency.
Rate of Duty
|No||Metal Type||Duty Rate|
|1.||Gold bars, other than tola bars, bearing manufacturers or refiners engraved serial number and weight expressed in metric units and gold coins||10% Ad valorem + 3% education cess|
|2.||Gold in any form other than at No. 1 above, including tola bars and ornaments, but excluding ornaments studded with stones or pearls||10% Ad valorem + 3% education cess|
|3.||Silver in any form, but excluding ornaments studded with stones or pearls||10% Ad valorem + 3% education cess|
- Only the jewelry, which is in addition to the jewelry otherwise allowed without payment of duty, is liable to payment of duty under the above mentioned scheme for import of gold/silver.
- Import of gold/silver by concealment in baggage coupled with no declaration will lead to confiscation along with imposition of fine/penalty. The offender may also be arrested.
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