By Admin 
- Violation of rules will result in confiscation of gold, fine and action.
Gold Import Rules: Often people who go abroad or work there buy jewelery for their families when they return. But there are some important rules for bringing gold from abroad to India and if any person violates those rules, then action can be taken against him. Therefore, it is important to know the correct rules, otherwise you may have to give and take.
Recently, a similar case has come to light from Hyderabad’s Rajiv Gandhi International Airport, where two Indian passengers coming from Kuala Lumpur were caught, because 24 carat gold hidden in the form of paste near the waist of their pants was recovered, the total quantity of which was 2.271 kg and the estimated value was said to be around Rs 3.36 crore. Now both the accused have been arrested. If you are also thinking of bringing gold from abroad, then first know about all the important rules.
This government bank defeated HDFC and ICICI, was ahead in the credit card race, people spent a lot
Bringing more gold than the prescribed limit will be costly
First of all, know that the Customs Department has some rules regarding bringing gold. If a person brings gold from abroad more than the prescribed limit or does not follow the rules, then action like custom duty, gold confiscation and fine can be taken against him.
- According to Indian Customs rules, a male passenger is allowed to bring 20 grams of gold duty free.
- Whereas women passengers can bring 40 grams of gold jewelery with them without customs duty.
- Also note, this facility is only for those people of Indian origin who have lived abroad for a year or more.
- If someone stays abroad for less than six months, he will not get the benefit of bringing duty free gold.
There are different rules on coins and gold bars
- This duty-free facility is applicable only on gold jewellery.
- But if someone brings gold bars, biscuits or gold coins, then applicable custom duty will have to be paid.
Understand the rules for bringing more gold
- If someone is bringing gold more than the prescribed limit or in the form of coins, then he will have to do some important things like…
- He will have to pass through the red channel at the airport.
- Here information about gold will have to be given to the customs officials.
- Then applicable custom duty will have to be deposited.
- According to the rules, there is permission to bring gold up to one kilogram, but after following all the necessary rules.
What to do if you need money for personal loan or credit card, emergency? Experts told the benefits of both
avoid making this mistake
Many travelers returning to India from abroad are not aware of the rules for bringing back gold and they assume that gold purchased from abroad can be brought to India without any restrictions. But in reality, bringing gold without knowledge can put you in trouble. Also, if caught at the airport, action can be taken, fine and gold can be confiscated. Therefore, whenever you bring gold, first of all you should be aware of the limits, duty and declaration rules.