The official said that, under the Customs Act of 1962, the import of gold is allowed through the payment of customs duties in foreign currency. The price of gold varies from day to day, but in practice this means that you can import about 500 grams of gold without declaring it to customs. The United Arab Emirates is one of the main importers and re-exporters of gold and jewelry, partly because there are no import duties or value-added taxes on gold ingots introduced into the country. This year gold smugglers have already been caught trying to bring illegal gold from the United Arab Emirates to India nearly a dozen times.
For those looking to invest in gold, a Gold IRA rollover guide can provide helpful information on how to go about investing in gold. You should also consider restrictions on the amount of gold before taking anything with you to India. And with the recent increase of 330 rupees in gold prices, know how much gold you can carry when you fly back to India. If a traveler wants to bring more gold jewelry, he must declare the amount at customs and pay import duties to the government. On Saturday, March 27, Delhi customs intercepted an Indian passenger on a Spicejet flight from Dubai who had hidden 798 grams of gold-plated silver-coated wires in the frame of his suitcases.
But if it is a man and a woman who have been abroad for less than a year, there will be no free subsidy to recover any type of gold in India. Smugglers are constantly changing the way they try to illegally import gold and cash across borders. If the value of gold exceeds 100,000 dirhams, customs officials at airports in the United Arab Emirates will expect to see a certificate of origin or a purchase receipt when you enter the country. The state of residence and the length of stay abroad will determine the amount of gold allowed in India and the customs duties to be paid.
Gold traders usually want to import much more than that, and they can do so completely legally, according to Jeff Rhodes, founder and managing consultant of Rhodes Precious Metals Consultancy, DMCC. Gold jewelry is also subject to a value added tax of 5 percent, although when retailers sell the garments to their customers, this VAT is passed on to them. Gold hidden in mobile phones and body cavities on flights from Dubai to India this week was the latest in a long list of recent cases of smuggling. However, due to high customs taxes and restrictions, it has been a bit difficult to bring gold to India in recent years.
If the value of gold exceeds 100,000 dirhams, customs officials at airports in the United Arab Emirates will expect to see a certificate of origin or a purchase receipt when you enter the country.