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Monday, November 05, 2007

Gold Coin receiving as Gifts

Import of Gold being currency is regulated by the RBI.No import of gold coin is permissible through Post and courier.They are restricted under FEMA act.Pl do not plan to receive any gold coin as gift,whether they are having carvings of Godess Laxmi and Ganesha.It is certain Banks authorised by the RBI to import gold coin,an addition to government agencies like MMTC.
As far customs duty is concerned it varies between Rs 100/- and Rs 250/- per 10 grams.The excise duty and cess is 8.24% .

But passengers under Baggage Rule and transfer of residence can bring gold coins.Next time,ask your friend not to send gold coin as gifts through Post and courier but bring personally at the of returning to India.

Collectors coins including numismatic value are not allowed to import in India.
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1 comment:

Global Tax Guru said...

Dear Sir,
Thank you very much for appreciation and recognition accorded to this Post.Looking forward for long term relationship.
Warm regards
Ravindra Kumar

Nov 17, 2009, 7:59:00 PM

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