Gold is considered as one of the precious metals in the world by many. Who says no to gold??? none!!! especially when it comes to Indian women, they all are fond of gold ornaments. As soon as the increase in the wanted of the precious gold, then some people may take this as an advantage to grab or seek for illegal ways to import/attain the gold .
To avoid such frauds or illegal import of gold from Dubai to India, there are some limitations and restrictions avail in India. This is the article where you are gonna educate about” how much gold can you bring from Dubai to India”.
WHY TO BUY GOLD IN DUBAI???:
Dubai is known as “the city of gold”. There are soo many reasons for buying gold in Dubai and some of them are,
- Dubai is the city which always favour you with the exemption of taxes. There is no tax for buying gold in Dubai till 2018. Even though the introduction of theValue Added Tax (VAT) in 2018 does levy a 5% tax on any item purchased, still buying gold in Dubai is cheap compared to other countries.
- The only tax in buying gold in Dubai is VAT (Value Added Tax).
- You can buy gold in Dubai without any fear about its purity and quality. Only the purest form of hallmark gold are verified and allowed to sell all over the country.
- The price of the gold in Dubai is considered on the basis of the International market rate.
LIMITATION OF GOLD TO BRING FROM DUBAI TO INDIA:
- On April 01, 2016, The Indian government officially declared that a male passenger with a valid Indian passport can bring up to 20 grams of gold but not costing more than Rs.50,000.
- A female passenger with a valid Indian passport can bring up to 40 grams of gold jewelry but not costing more than Rs.1,00,000.
If you want to bring more gold without such restrictions then you have to pay for the government-set customs import duty of about 36%. To ensure a hassle free customs clearance for the import of gold to India for personal use, The Central Board of Excise and Customs (CBEC) is reportedly working on a new set of guidelines.
CUSTOMS REGULATION OF INDIA:
- In India, for gold ornaments you need not to pay customs duty, But for the gold bars, coins and biscuits you need to pay the customs duty.
- For men the duty free allowance is up to Rs.50,000 and for women it is up to Rs.1,00,000. The Indians who lived in abroad for 6 months or more than 6 months are allowed to carry up to 1kg of gold to India.
- India annually consumes around 800-850 million kg of gold, Whereas the customs duty of gold in India is 10% ,which now increased up to12.5% excluding the GST of 3%.
- Once you paid the customs duty (passengers with valid Indian passport) then you are allowed to import the gold coins or bars or biscuits limited up to 1kg from Dubai to India.