One of the Frequently Asked question by people going to Dubai from India or Coming from Dubai to India is how to import Gold from Dubai to India. The question might sound a simple how to question, but in the backend it is collecting all the W’s and H’s. This question of “how to import Gold from Dubai to India” cannot be answered in General or in one line. You need to know some rules and regulations of both the countries and many other factors that lead to trouble making should be known as well.
For a layman, this is just a simple question, but what he doesn’t know about this question is the science hidden behind it. When we say that we want to import Gold from Dubai to India because Gold in Dubai is Cheap related to other Countries around the Globe. We think that it is easy as an ABC to import. One can go to Gold Souks Dubai, buy a TT Bar or a Karat, book the flight, go back to his country, sell the Gold at high price, and enjoy.
It is possible hypothetically, but not in real life. In real life, you need to follow the rules and regulations, some tips, and need to go through some series of steps prior making this decision of importing Gold. If you will ignore these things, you will end up in capital punishment or end up in jail for lifetime or for several years.
Therefore, you must think and read before you leap.
Before we proceed on with the steps or procedures that you will check/follow prior importing Gold from Dubai to India, we would like to make you people aware that Indian Government has changed the limit of gold importing via self-basis in India.
The previous limit of gold ornaments was
INRS 10,000 Limit for Men
INRS 20,000 Limit for Women
Moreover, the limit per passenger was 10KG on the basis if declaration of Gold at customs and the person would need to pay a certain amount of duty on Gold to customs. In addition to this the passenger should have stayed abroad at least six months.
As of now, many rules and regulations have been changed by Indian Government related to importing of Gold in India from Dubai or anywhere. All the rules & regulations, Guide, and everything that you need to know before importing Gold from Dubai to India is listed below.
We have made some steps and a checklist that needs to be followed before importing Gold from Dubai to India.
How to Import Gold from Dubai to India – Checklist/Guide
Look for Gold Dealers in Dubai
If you are in Dubai or planning on to visit Dubai, you must look for Gold dealers in Dubai who can provide you gold at Good rates. Mostly dealers keep their profit margins high, but if you bargain, they lower their profit margins.
Know your Countries Customs & Central Excise Law:
Before you plan on to buy Gold from Dubai to import in India, you must go through the document present at Customs & Central Excise Traveller Guide to avoid any sort of mishap while returning back to India.
To save your time, we have highlighted the Law for Gold Importers:
Who can import gold as baggage?
Any passenger of Indian Origin or a passenger holding a valid passport, issued under the Passport Act, 1967, who is coming to India after a period of not less than six months of stay abroad; and short visits, if any, made by the passenger during the aforesaid period of six months shall be ignored if the total duration of stay on such visits does not exceed thirty days.
1. The duty shall be paid in convertible foreign currency.
2. The weight of gold (including ornaments) should not exceed 10kg per passenger.
Although the Customs website mentions 10kg allowance for dutiable gold import as baggage per passenger, according to latest reports, this limit has now been reduced to 1kg]
3. The passenger should not have brought gold or other ornaments during any of his visits (short visits) in the last six months i.e., he has not availed of the exemption under this scheme, at the time of short visits.
4. Ornaments studded with stones and pearls are not allowed to be imported.
5. The passenger can either bring the gold himself at the time of arrival or import the same within fifteen days of his arrival in India as unaccompanied baggage.
6. The passenger can also obtain the permitted quantity of gold from Customs bonded warehouse of State Bank of India and Metals and Minerals Trading Corporation subject to conditions (i) and (ii) above. He is required to file a declaration in the prescribed Form before the Customs Officer at the time of arrival in India stating his intention to obtain the gold from the Customs bonded warehouse and pay the duty before clearance. Source - cbec.gov.in – Updated 22 May 2013.
Know Rate of Duty on Importing Gold in India
Image Source: cbec.gov.in
Learn How to Buy Gold At LOWEST Price From Dubai Gold Souks
The biggest Gold Market in Dubai is called Gold Souks, where millions of people go to buy Gold. We can say that it is a center of attraction for tourists because it has got some famous restaurants nearby.
When you have decided to go to Gold Souks, don’t forget that bargaining can be done over there. The more you bargain, the better price you will get.
We have made a special guide on How to Buy Gold At LOWEST Price From Dubai Gold Souks.
Make a Checklist:
After you have bought the Gold for yourself from Dubai Gold Souks or any other place in Dubai, now is the time to make the checklist to avoid extra charges. The checklist is as follows:
1. Make sure that you comply with the Government Policies and Excise Law.
2. Don’t Carry Gold more than 1KG because the limit in India has been decreased to 1KG from 10KG. (Although the Customs website mentions 10kg allowance for dutiable gold import as baggage per passenger, according to latest reports, this limit has now been reduced to 1kg).
3. The person can import Gold from Dubai to India via The Bank of India under unaccompanied baggage as well in fifteen days. Therefore, make your mind on what you want to do.
4. Calculate the cost of Duty that you will be paying at the Airport in India to avoid any mishap or trouble with the customs.
5. Don’t carry more than 1KG of Gold with you.
Grab a Flight:
Now enjoy your holidays in Dubai or if you want to come back, Grab a flight back to India. Make sure to perform a double check on the above mentioned list and rules before your grab a flight to India.
Why Indian Government Decreased the Limit of Gold from 10KG to 1KG?
The main reason behind decreasing the limit of Gold from 10KG to 1KG is done because of heavy smuggling of Gold being done in India in recent months. In order to stop illegal Gold importing in India, the Government officials have changed the limit per person. In past there was no such limit, but as of 2012, the limit has been imposed due to heavy amount of gold smuggling was being done in India.
Moreover, The fresh Union Budget recommended to double the customs duty on normal gold from 2% to 4% and on non-standard gold from 5% to 10% from the economic year 2012-13.