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of <h1>India Sets Reduced Customs Duty Rates for Gold and Silver Imports; Notification No. 3/2012-Customs Details Conditions.</h1> The Government of India issued Notification No. 3/2012-Customs, effective January 17, 2012, prescribing reduced customs duty rates for eligible passengers importing gold and silver. Gold bars and coins with at least 99.5% purity are subject to a 2% duty, other gold forms at 5%, and silver at 6%. Conditions include payment in convertible foreign currency, limits of 10 kg for gold and 100 kg for silver, and importation within 15 days of arrival. Eligible passengers must be of Indian origin or hold a valid passport, with a minimum six-month stay abroad. The notification was later rescinded by Notification No. 22/2012-Customs.
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