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Mar 15

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.

Mar 14

R2I facilities on overseas assets for Indians returning to India

Here are some key highlights of the Indian facilities related to overseas assets and financial situations for Indians returning to India:

Retaining assets abroad:

Effective 17th July, 1992, the Indian Central Government has granted exemption from the surrender requirement to persons who return to India after a continuous stay abroad of one year and above in respect of funds/assets acquired by them abroad otherwise than in contravention of FERA 1973 or out of foreign exchange earned through employment, business or vocation outside India taken up or commenced while they were resident outside India. Persons satisfying the conditions of general exemption can retain their foreign currency accounts within bank abroad and/or hold, transfer or dispose of their other foreign currency assets such as shares, securities or investments in business, etc. and immovable properties.
They are not required to obtain any permission from Reserve Bank for holding these assets.
They would enjoy complete freedom for utilization of these assets as well as income earned or sale proceeds received subsequently.

The Indians Abroad