The major portion of gold is imported in the form of GOLD BARS in India. RBI governs the import of gold and gold bars to India. Any individual of Indian origin holding a valid passport issued under the Passport Act, 1967 can import gold. According to the RBI circular, only the entities notified by the Directorate General of Foreign Trade (DGFT) are permitted to import gold to India. The import will be permitted only after the issue of license by DGFT.
LIMITATIONS
- The weight of gold (including ornaments) should not increase 10 kgs per passenger.
- Import of gold in the form of coins and medallions is totally prohibited.
- Entities are permitted to import gold solely for export and for no other purpose.
- All gold imports must be routed through custom bonded warehouses
- For each consignment of gold bars imported, the importer must submit the report of their utilization and a proof of evidence to central excise office.
- Ornaments studded with stones and pearls are restricted.
DUTY
The duty is to be paid in convertible foreign currency.
| S. No. | Metal | Duty |
| 1. | Gold bars (excluding tola bars) , with manufacturers engraved serial number and weight | Rs. 300 per 10 grams + 3% education cess |
| 2. | Gold (including tola bars and ornaments) and (excluding ornaments with studded pearl and stones) | Rs. 750 per 10 grams + 3% education cess |
Duty free import
Indian passengers who have lived in abroad for over a year are permitted to bring gold as jewelery upto an aggregate value of-
- For male passengers- Rs. 50,000
- For female passengers- Rs. 1,00,000
Portlogy can help you in Importing gold bars with proper documentation/permissions and necessary permission. Contact us for more details.