Is it necessary that the NRI should have stayed abroad at least for a minimum period of six months prior to his return to India for being eligible to bring gold?
Yes. It is necessary that the NRI should have stayed abroad for a period not less than six months for being eligible to bring gold into India. Top • Can NRIs bring silver into India? Yes. NRIs can bring 100 Kgs of silver (including ornaments) into India, if they come to India after a period of not less than six months of stay abroad. Top • What is the rate of duty payment on such import? Customs duty at the rate of Rs.500 per Kg is payable by importer-NRI in convertible currency. Top • Can they bring both gold and silver? Yes. NRIs can bring both gold and silver as per applicable Baggage Rules, indicated above. Top • Can NRIs sell gold/silver imported by them to residents? Yes. NRIs can sell the gold and silver brought by them into India to residents and such sale proceeds cannot be repatriated outside India and can only be credited to the Non-repatriable bank accounts (NRO) of the selling NRIs.
Related Questions
- If an NRI plans to return to India, for how long will he/she be considered a Non – Resident Indian? And for what time period will his income from investments not be taxed?
- Is it necessary that the NRI should have stayed abroad at least for a minimum period of six months prior to his return to India for being eligible to bring gold?
- What happens to accounts of a NRIs NRE or FCNR accounts which he/she has opened abroad after his/her return to India?
