Government tightens rules on gold import
Posted on: 07/Mar/2014 4:49:11 PM
The government’s latest rule is evident of its alertness about the rising number of gold smuggling cases in the city. From now on, Indian passengers should provide the source of funds for the gold they import. “Baggage receipt provided by the customs will contain engraved serial number on the gold bars and on each and every gold ornament brought”.
As the gold import facility is getting badly misused, the field officers will now check the passengers for details of their antecedents, source for buying gold, ticketing details, etc.
“Smugglers make use of eligible passengers to import gold and hence, the norms are not tightened,” officials stated.
To note, passengers can import gold up to 1 kg by paying a 10 per cent customs duty in foreign currency. Here, those who belong to Indian origin or returning to India after staying abroad for over 6 months fall under eligible passengers category. Both the Reserve bank of India as well as the government is particular about the new rule.
