Facilities on overseas assets for NRIs returning to India – Gold and Silver import
Below are the general guidelines on Gold and Silver import into India by returning NRIs including maximum limits, duty and other restrictions:
Import of gold by NRIS
- NRIs can bring into India gold up to 10,000 grams as part of their baggage once in six months provided they have stayed abroad for a continuous period of six months.
- The gold may be brought into India in any form, including ornaments (other than ornaments studded with stones and pearls).
- NRIs are required to pay customs duty in any convertible foreign currency. Refer to the Export Import Policy of the Government of India for the latest rate in rupees per 10 grams of gold.
- NRI can bring gold into India once in six months.
- NRI should have stayed abroad at least for a minimum period of six months prior to his/her return to India for being eligible to bring gold.
Import of silver by NRIS
- NRIs can bring to India silver up to 100 kilograms as part of their personal baggage.
- Refer to the Export Import Policy of the Government of India for the rate of duty on import of silver payable in foreign currency.
- NRIs can they bring both gold and silver.
- Gold/silver so brought by NRIs can be sold to residents against payment in rupees. Reserve Bank has granted general permission to persons resident in India to make payment to NRIs in Indian rupees by means of a crossed cheque in India and that such rupees are credited to Ordinary Non-resident Rupee (NRO) account of the NRI seller.
Refer to the Export Import Policy of the Government of India for the latest limits, rules and the cost of duty on gold and silver. Based on the latest Union Budget for the year 2010, duty on imports of gold is raised to Rs 300 per 10 grams from Rs 200 earlier. On silver, the proposed new duty is Rs 1,500 per kg, raised from Rs 1,000 earlier.
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