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Import of Gold by NRI Reserve Bank granted general permission to persons of Indian nationality or origin to bring into India, as part of their baggage, up to 10,000gms, after staying abroad for a period of not less than 6 months. 1. A baggage declaration form has to be filled for the unaccompanied baggage. 2. When the passenger has declared the gold, but could not clear it for want of sufficient foreign exchange for paying Customs duty, then reexport of the same may be permitted
In cases where passengers had made the payment abroad and were found ineligible for import on their arrival in India. 250 per 10 gms of gold. 4. 6. 5. The gold may be brought into India in any form. 6.Conditions 1. including ornaments (other than ornaments studded with stones and pearls). Short visits of duration not exceeding 30 days will be ignored. 5. The required eligibility is that the person should be of Indian origin and holding a valid passport. Sometimes physical carriage of gold involved security hazards. Passengers intending to avail of the facility of delivery of gold through such warehouses would be required to make a declaration to this effect before the customs authorities at the time of their arrival in the country at the respective airports – Sahar. The eligibility of the passengers would be decided by the customs authorities at the time of customs clearance of the passengers and such passengers would deposit the duty at the airport itself. A declaration need to be filed by the importer for obtaining the permitted quantity of gold from customs bonded warehouse of State Bank of India or from Metal & Mineral Trading Corporation subject to other conditions. Rate of duty is payable in convertible foreign currency at the rate of Rs. Passengers availing of this facility would have the option to make the payment for the gold in foreign exchange either abroad or in India. particularly for passengers arriving by flights landing at odd hours during nights.This is a option to take delivery of the metals in India from the customs bonded warehouses to be operated by the State Bank of India and the Minerals and Metals Trading Corporation (MMTC) 1. 3. if this facility has not been availed by the passenger during such visits. it was thought fit to introduce Customs Bonded Warehouses. Passenger is coming to India after a stay abroad of about six months. The limit of importing gold (including ornaments) in India is upto 10 kg per passenger as a part of their baggage after paying the required customs duty 3. Gold Jewellery . 2. 2. IGI Delhi and Thiruvananthapuram. Baggage Rule for import of Gold Custom Bonded Warehouse . 4. appropriate provision for refund would be provided under the scheme. Mumbai and Thiruvananthapuram and specified delivery centers. Import should be made at the time of arrival of the passenger or within 15 days of the arrival of the passenger into India. This facility would be operated by SBI and MMTC in Delhi.
Gold Coins 1. Eligible passengers may be allowed to import gold in any form. . The eligible passenger (eligible conditions as given above) should file a declaration in the prescribed form before the proper officer of customs at the time of his arrival in India declaring his warehouse and pays the duty leviable thereon before his clearance from customs. 2) It had also stopped banks and non-banking financial companies from providing loans against gold coins. only is liable to payment of duty under the above mentioned scheme for import of gold. including coins whether current/non-current/commemorative) but excluding jewellery studded with stones or pearls. The required duty shall be paid in convertible foreign currency. 1. jewellery in his use up to an aggregate value of ten thousand rupees in the case of a male passenger and twenty thousand rupees in case of a female passenger. free of duty. 2.1. There is no restriction on import of foreign coins (whether current or non-current) made of gold or any other metal. GOVERNMENT POLICIES 1) Govt policies unlikely to curb gold imports 2) Government raises import duty on gold to 8% 3) Restrictions 1) The central bank had extended the restrictions on gold imports to other agencies apart from banks. The passenger is required to file a declaration on 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 clearance. Concessional duty on Import of Gold as Baggage 1. A passenger who has been residing abroad for over one year and is returning to India may be allowed to import. which is in addition to the jewellery otherwise allowed without payment of duty (under the Baggage Rules). The jewellery. Clearance of Gold on Payment of Duty 1.
was convened to discuss issues relating to the development of the financial sector and inter-regulatory coordination. cannot afford an increase in imports of the yellow metal. on its part. Echoing Chidambaram's views. These measures are being considered as the demand for gold is showing no signs of dampening. "It might help in the short-term but it may not be an effective strategy in the long term. only to meet the genuine needs of exporters of gold jewellery. Gold import policy under govt. Economic Affairs Secretary Arvind Mayaram told reporters that the government is considering more measures to reduce gold imports." said DK Joshi. the world's top consumer of gold.3) Economists said raising import duty to curb gold imports may not be effective and may give rise to smuggling. including chit fund regulations. Gold is considered an idle asset and the government and the RBI have been trying to channel household savings into more productive instruments. the RBI in May decided to restrict the import of gold on consignment basis by banks. The banking regulator also imposed curbs on banks and NBFCs for extending loans against gold coins and units of gold ETFs. 4) He said financial savings instruments have to be diversified and made attractive to wean away investors from depending on gold. which hit a record 6. also attended by the capital markets regulator Sebi and pension regulator Pfrda. along with oil." The meeting. He added. . had increased the import duty on gold to 6% in January from 4%. High import of gold. The government. The meeting also took up some other important matters. headed by RBI governor D Subbarao. chief economist at rating agency Crisil. 5) Experts also said that the government must take measures to boost exports and make them more competitive to help trim the current account deficit. especially after a crash in prices since April. Finance minister P Chidambaram said on Monday that the government is reviewing the gold import policy as the country. The issue was discussed during a meeting of the sub-committee of Financial Stability and Development Council (FSDC). After identifying the burgeoning CAD as the greatest risk to the economy. are the key drivers of the current account deficit (CAD). review The Centre is reviewing the gold import policy and is considering a ban on the sale of gold coins by banks.7% in the October-December quarter. "(The government) may consider banning gold coin sale by banks.
it was thought fit to introduce Customs Bonded Warehouses. 2. The eligibility of the passengers would be decided by the customs authorities at the time of customs clearance of the passengers and such passengers would deposit the duty at the airport itself. the biggest threat to the government's exchequer is the smuggling of gold that could increase due to the arbitrage between the customs paid price and price without the import duty which would be large enough to entice smugglers to trade in gold bars and coins illegally in the country. In cases where passengers had made the payment abroad and were found ineligible for import on their arrival in India. Sometimes physical carriage of gold involved security hazards.Custom Bonded Warehouse This is an option to take delivery of the metals in India from the customs bonded warehouses to be operated by the State Bank of India and the Minerals and Metals Trading Corporation (MMTC) 1. particularly for passengers arriving by flights landing at odd hours during nights. Passengers intending to avail of the facility of delivery of gold through such warehouses would be required to make a declaration to this effect before the customs authorities at the time of their arrival in the country at the respective airports – Sahar. Passengers availing of this facility would have the option to make the payment for the gold in foreign exchange either abroad or in India. 3. This facility would be operated by SBI and MMTC in Delhi. IGI Delhi and Thiruvananthapuram. 6. Mumbai and Thiruvananthapuram and specified delivery centers. . 4. appropriate provision for refund would be provided under the scheme. Threats:However. 5.
Gold prices on the Multi Commodity Exchange rose to a session high of 27.015 rupees per 10 grams after Chidambaram's remarks. before easing back to trade 0. On May 13. India. Finance Minister P Chidambaram said on Monday.980 rupees. hiked its import duty to 6% in January in an attempt to limit purchases and rein in a record high current account deficit.India may review gold import policy: India cannot afford high levels of gold imports and may review its import policy. Gold is the second biggest import item after crude oil. the world's biggest buyer of gold.63% higher at 26. after imports of precious metals jumped more than 150% in April. . the RBI introduced more restrictions on purchases for jewellers and banks as it also weighs in to curb imports.
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