Press Information Bureau
Government of India
Ministry of Finance

11-May-2012 18:01 IST

Import of Gold

 

 

Eligible passengers returning from abroad after a minimum stay of six months were allowed to bring 10 kgs of gold on payment of appropriate customs duty till 17^th April, 2012.  This provision was reportedly having an adverse impact on the domestic jewellery industry.

A representation from All India Gems and Jewellery Trade Federation has been received pointing out the misuse of this facility with a request to reduce the quantity of gold allowed through this channel.  Government has reduced the quantity of gold allowed to be brought by such eligible passengers returning from abroad from 10 kgs to 1 kg with effect from 18^th April, 2012.

The details of import and export of gold in the last three years is as under:

 

Quantity (in Kg)

S.No.	Year	Import	Export
1.	2009-10	850985	22989
2.	2010-11	969736	34590
3.	2011-12 (upto Feb’ 2012)	986126	138510

NOTE:        Figures for 2011-12 are provisional.

This information was given by the Minister of State for Finance, Shri S.S. Palanimanickam in written reply to a question in the Lok Sabha today.

 

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DSM/SS/SL

Customs allowance for returning passengers reduced, restricting duty-paid import of gold and tightening entitlement for personal carriage. Government reduced the customs allowance for returning passengers by curtailing the permissible quantity of duty-paid gold allowed in personal carriage, effective 18 April 2012, in response to industry concerns about misuse and adverse effects on the domestic jewellery sector; the announcement was accompanied by import and export quantity data for recent years.