Even as market fluctuations in gold prices steadily continue, the Indian Association of Sharjah (IAS) has formally requested in a written memorandum to the Indian government seeking the removal of the limit on gold that NRIs can bring into India.

Currently, the amount and the value of gold that Indians can bring into India from overseas are as per the rules set by Notification No. 31/2016-Customs (N.T.), Clause 3 (b), which sets a limit on the maximum value of gold NRIs are allowed to bring into the country.

The memorandum, addressed to India’s Finance Minister, Nirmala Sitharaman, has highlighted the uncertainty in the Customs Baggage Declaration Regulations concerning the value cap mentioned in the notification. The IAS has requested that the specified weight of gold ornaments be deleted considering the fluctuating trend in gold cost impacting the weight of the yellow metal.

Nissar Thalangara, President, Indian Association Sharjah, has said in the memorandum that expatriate Indians were increasingly facing hardships due to the outdated value cар. “The mismatch between the stipulated value and the present market reality often leads to unnecessary disputes at customs checkpoints, inconvenience for genuine travellers and, regrettably, it also opens the door for corrupt practices. Such situations not only cause distress to Non-Resident Indians but also place an avoidable burden on customs officials in carrying out their duties,” he said.

As per the existing regulations, operational since 2016, Indian Passport Holders can bring up to 20 grams of gold duty-free, valuing up to Rs. 50,000, into the country. Women can bring up to 40 grams of gold worth Rs. 1,00,000, duty-free. Children under 15 years of age can also bring gold ornaments of a maximum of 40 grams – without paying a customs duty – valued at not more than Rs. 1,00,000.

According to customs rules, the maximum gold allowed via check-in baggage, if declared and duty is paid, is up to 1 kg of gold only, and that if you had stayed abroad for at least six months.

At the time of the notification of 2016, the price of gold (22 kt) was about Rs. 2,500 per gram. So, the value caps of Rs. 1,00,000 and Rs. 50,000 seemed appropriate. But today, 24 carat gold price for 10 grams is Rs 1,09,540, in India. This trend calls for government intervention where the existing regulation can be changed to suit the international traveller, particularly the NRIs.  – Image by freepik – editor@nrifocus.com