The Limit of Duty free Gold indians can carry through their Airports

If the passenger visited India for a short visit which is less than a month, he/she is eligible to bring gold of about 1 Kilogram by paying customs duty imposed on it. 

The passenger needs to mention in the customs declaration form that he/she is carrying gold more than the defined limit.

If passengers are caught with carrying more than the specified limit of gold without mentioning in customs form, they will be asked to pay a heavy fine or may possibly get arrested.

 

Previously from ages since 1967 limit for zero duty by India’s Customs and Central Excise Rules in the budget was INR 10,000 for men and INR 20,000 for women, which was on gold ornaments.

Above this limit, they were supposed to pay customs duty. The customs duty applied was 2% of the value of the ornaments.

At that time the price of gold was INR 40 per gram estimating to SR 2.76. On this base, NRIs were supposed to pay customs duty even on a 5-gram gold ring when bringing from another country`.

tag: international-news , business

 

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