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511.   Customs duty on gold taken out of India?

Questions:  Hi, I am going to India next month. I know that I have to pay duty on gold that I am taking with me. How about if I want buy jewerly from India. Do I have to pay duty too?? Gabriela Furst Answer:  There is no customs duty payable in India on jewelry purchased in India. Customs duties are charged on items that are imported into the country not if you are taking the item out of the country. (export of goods for commercial purposes are not allowed as part of a passengers baggage) Kindly be informed that it is always advisable to keep receipts of all your jewelry purchases in India. When a passenger is leaving India with a large amount of jewelry, there is always the chance that the authorities may question the passenger as to where the jewelry was purchased and perhaps the source of funds to make the purchase. In the event you are taking more than $10,000 dollars to India, a currency declaration must be made when you arrive in India. Currency declaration form is available at Indian airports on arrival and this form must be completed in cases where: The aggregate value of the foreign exchange brought in by the passenger in the form of currency notes, bank notes, or travelers cheque exceeds US.$ 10,000/- or its equivalent and/or The value of foreign currency notes exceeds US.$ 5,000 or its equivalent. (As per Foreign Exchange Regulation Act, 1973) Most people are aware of the $10,000 limit as this is in effect in many countries across the world. However they may not realize that there is also a cash limit of $5000 that applies to passengers entering India.    
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Disclaimer: Information provided is for general knowledge only and should not be deemed to be professional advice. For professional advice kindly consult a professional accountant, immigration advisor or the Indian consulate. Rules and regulations do change from time to time. Please note that in case of any variation between what has been stated on this website and the relevant Act, Rules, Regulations, Policy Statements etc. the latter shall prevail. © Copyright 2006 Nriinformation.com
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511.   Customs duty on gold taken

out of India?

Question:  Hi, I am going to India next month. I know that I have to pay duty on gold that I am taking with me. How about if I want buy jewerly from India. Do I have to pay duty too?? Gabriela Furst Answer:  There is no customs duty payable in India on jewelry purchased in India. Customs duties are charged on items that are imported into the country not if you are taking the item out of the country. (export of goods for commercial purposes are not allowed as part of a passengers baggage) Kindly be informed that it is always advisable to keep receipts of all your jewelry purchases in India. When a passenger is leaving India with a large amount of jewelry, there is always the chance that the authorities may question the passenger as to where the jewelry was purchased and perhaps the source of funds to make the purchase. In the event you are taking more than $10,000 dollars to India, a currency declaration must be made when you arrive in India. Currency declaration form is available at Indian airports on arrival and this form must be completed in cases where: The aggregate value of the foreign exchange brought in by the passenger in the form of currency notes, bank notes, or travelers cheque exceeds US.$ 10,000/- or its equivalent and/or The value of foreign currency notes exceeds US.$ 5,000 or its equivalent. (As per Foreign Exchange Regulation Act, 1973) Most people are aware of the $10,000 limit as this is in effect in many countries across the world. However they may not realize that there is also a cash limit of $5000 that applies to passengers entering India.
N
RI Information
 Informing  educating and connecting Indians across the globe
NriInformation Questions &Answers 
Read Disclaimer at bottom of page
Disclaimer: Information provided is for general knowledge only and should not be deemed to be professional advice. For professional advice kindly consult a professional accountant, immigration advisor or the Indian consulate. Rules and regulations do change from time to time. Please note that in case of any variation between what has been stated on this website and the relevant Act, Rules, Regulations, Policy Statements etc. the latter shall prevail. © Copyright 2006 Nriinformation.com