The Customs and Central Excise Department had recently made it mandatory for any passenger bringing gold into India to declare his/her source of income. With legal gold imports dropping sharply during recent months, the authorities doubt whether this measure has backfired. Added to it, the number of gold seizures has shown alarming rise during this period.
As per customs records, nearly 1,040 kg of gold bullion were shipped through Karipur International Airport during the fortnight between Dec. 3 and 15 last year. However, statistics indicate that only 18 kilograms of gold were brought in by passengers since April 2014.
Earlier, it was a trend among Indians returning to the country to bring gold by paying applicable duty. Traders who were faced with short supply of the yellow metal had even paid airfare of travelers in exchange for transporting gold into the country. According to normal rules, NRIs who stayed abroad for at least 6 months are permitted to bring up to 1 kg of gold to India legally by paying 10% import duty.
06/11/14 Resource Investor
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As per customs records, nearly 1,040 kg of gold bullion were shipped through Karipur International Airport during the fortnight between Dec. 3 and 15 last year. However, statistics indicate that only 18 kilograms of gold were brought in by passengers since April 2014.
Earlier, it was a trend among Indians returning to the country to bring gold by paying applicable duty. Traders who were faced with short supply of the yellow metal had even paid airfare of travelers in exchange for transporting gold into the country. According to normal rules, NRIs who stayed abroad for at least 6 months are permitted to bring up to 1 kg of gold to India legally by paying 10% import duty.
06/11/14 Resource Investor
