Gold not declared on arrival in India

Taking gold to India from Dubai . . .

Price of gold in India

Taking gold India is suddenly something many Indians and NRIs are talking about these days. According to news reports, In the first week of January 2014, many people have been caught at Indian airports, trying to sneak gold into India without paying customs duty. As the government of India allows the import of up to one kilogram of gold by NRIs who have stayed abroad for a period of at least six months, some people are reportedly finding people who meet this criteria to import the gold for them.

How much money can be made by

taking 1 Kg of gold to India

At current customs duty rates on gold in India, even after payment of customs duty and the three percent tax, passengers can probably make a profit of about Rupees 1,25,000 to Rupees 1,50,000 on one kilogram of gold.

FAQ on passengers taking gold to

India and customs duty on gold

• What is the current customs duty charged if NRI takes gold jewelery to India over the duty free limit? o The current customs duty on gold in the form of bars & ornaments brought into India from abroad by passengers as part of their baggage is 10%. o Duty free allowance in India on gold are applicable only to gold jewelry. Gold in any other form such as gold bars, gold biscuits or coins are not allowed to be included in any duty free allowance. o Passengers carrying gold jewelry etc. over the allowed limit are charged approximately 36.05% duty.

Penalties in India for not declaring

gold

• What happens if I do not declare the gold on arrival? o You may be able to walk out without paying customs duty however, there is always a chance that you may be caught and face penalties for smuggling gold. The question here is, why would anyone want to take the risk! • Are persons caught by customs carrying gold and not declaring it arrested? o Whether a person not declaring gold on arrival in India is arrested depends on the value of the gold in possession of the passenger. Currently any person caught with gold valued at less than Rupees 20 lakh, is not arrested. The gold being smuggled in can be confiscated and the passenger fined. • Are NRI passengers arriving at Indian airports searched for gold? o Currently there is no metal detectors that passengers arriving at Indian airports have to pass through, although incoming luggage is X rayed. While some people may be caught by customs officers smuggling gold because of random checks or by a arriving passenger’s behavior, many others are perhaps caught because the customs department in India may have been tipped off in advance! • Is there a reward offered to stop gold smuggling in India o The Government of India offers rewards to informers who provide information leading to seizure of goods, currency, bullion or leads to detection of Indian customs duty evasion. Currently informers can get Rupees 50,000 per kilogram of gold if the information they provide helps the customs catch gold smugglers. The reward offered on gold, is far more than the reward offered even on drugs such as Heroin, In case you are interested, The reward to informers for silver is Rupees. 1,000/- per Kg; for Opium Rupees. 220/- per Kg; for Heroin Rupees. 20,000/- per Kg; for Cocaine it is Rupees. 40,000/- per Kg. and for Hashish Rupees. 400/- per Kg*. (*source www.ceib.nic.in) o Thinking of buying 1 kg bar of gold to smuggle into India? the person selling you the gold may even have friends in India who may be informers! Trying to smuggle gold to India is certainly not worth the trouble one can get into. If you have to take the gold to India, simply declare it on arrival and pay the duty. Just seven days in the new year 2014 and several people have been caught at various Indian airports, many with 1 kg of gold, you certainly don’t want to be part of such statistics!

Taking gold from Dubai to India

Arriving from Dubai by air at an Indian airport with gold, then be prepared to declare it to customs authorities. Dubai has become the main location from where Indian NRIs are buying gold to take to India. Customs officers at Indian airports are aware of this and passengers arriving on flights coming from Dubai are probably screened more diligently. Gold Price in India for 10 grams - June 10, 2023 Gold prices in India can vary slightly from city to city in India. Prices of gold in India as on June 10, 2023 were showing as: • 24 Carat for 10 Grams Gold = Rupees 51,974 • 24 Carat for 10 Grams Gold = Rupees 47,643