How much gold bring from Dubai to India?
Gold has always been a precious metal. People all over the world want to save resources and invest in gold. And when it comes to buying gold, Dubai has always been a gold-buyers paradise. In fact, Dubai is also nicknamed as the “City of Gold” because it handles such large amount of gold unearthed on the planet...
People prefer buying gold from Dubai because it is a tax-free haven, which means you, will not have to incur VAT or sales tax costs when buying gold from Dubai.
The Indian government on April 1, 2016 stated that all male passengers coming back to India from Dubai or other places where they have been residing outside India can bring gold jewellery upto 20 grams but not costing more than 50,000 Indian rupees as a duty free allowance.
On the other hand, female passengers can bring up to 40 grams of gold jewellery and the cost of which should not be more than Rs 1,00,000.
Also, no as such restrictions are applicable on passengers who declare their gold jewellery at the customs and pay the government-set import duty of 36 percent. Additionally, even if you are a resident or non resident if you have stayed abroad some concessions are applicable on 1 kg of gold and more. Other official details can be found on the official website of the customs.
In future, Indian expats in foreign countries may be able to bring more gold to India without paying customs duty after the new customs clearance framework is implemented by the government of India. As of now, Indian expats from Dubai or any other country have to go through an elaborate process to carry gold even if they are returning after a long period. Central Board of Excise and Customs (CBEC) is reportedly working on a new set of guidelines to ensure hassle free customs clearances for such travellers from or to India if the jewellery is for personal use.
Stay on top of NRI news with the WelcomeNRI.