E-Paper
Import of Gold and Silver
Q. Can NRIs bring gold into India?
Q. Can NRIs bring gold into India?
Ans. Yes. NRIs can bring into India gold up to 10,000 grams as part of their baggage once in six months provided they have stayed abroad for a continuous period of six months.
Q. In what form can the gold be brought into India?
Ans. The gold may be brought into India in any form, including ornaments (other ornaments studded with stones and pearls).
Q. Are NRIs required to pay customs duty on the gold brought by them into India?
Ans. Yes. They are required to pay customs duty in any convertible foreign currency at a rate equivalent to Rs.220/- per 10 grams of gold.
Q. How often can a NRI bring gold into India?
Ans. A NRI can bring gold into India once in six months.
Q. Is it necessary that the NRI should have stayed abroad at least for a minimum period of six months prior to his return to India for being eligible to bring gold?
Ans. Yes
Import of Silver
Q. Can NRIs bring silver into India?
Ans. Yes. NRIs can bring to India silver up to 100 kilograms as part of their personal baggage.
Q. What is the rate of duty payment on such import?
Ans. The rate of duty on import of silver is Rs. 500 per kilogram which is payable in foreign currency.
Q. Can they bring both gold and silver?
Ans. Yes.
Q Can NRIs sell gold/silver imported by them to residents?
Ans. Yes. Gold/silver so brought by NRIs can be sold to residents against payment in rupees. Reserve Bank has granted general permission to persons resident in India to make payment to NRIs in Indian rupees by means of a crossed chequecheque in India and that such rupees are credited to Ordinary Non-resident Rupee (NRO) account of the NRI seller.
