Import of gold and
silver is controlled by the Reserve Bank of
|
1 |
Specified Banks |
Important Banks like the State Bank of India, including a few foreign banks are allowed to import gold and silver at the normal duty of Rs 250 per ten grams for gold and Rs 500 per kg for silver. |
|
2 |
Public Sector agencies |
The three public sector agencies MMTC, HHEC and STC are also allowed to bring in the precious metals at the normal rate of duty |
|
3 |
Baggage import by returning Indians |
Returning Indians who have been abroad for more than six months and are returning home with the gold or silver on their person. The duty payment must be made in convertible foreign currency. |
|
4 |
Export promotion |
Gold, silver and other precious metal import duty free is permitted for the purpose of export promotion. A duty free licence is issued for this purpose subject to export obligation. Special export zones and areas are also demarcated for to deepen the user base of the scheme. |
Free Gold and Silver Import from Commerce Ministry Licensing, RBI Regulations Continues
The DGFT issued notification on 28 January to allow gold and silver import freely to all persons without any restriction on import through MMTC or the State Bank. The freeing up action is subject to RBI regulations, which currently limit the import to the specified agencies. (Both gold and silver are substitute currencies and their movement is historically under the Central Bank’s control. The Reserve Bank as well as the customs have not freed gold and silver as yet. Practically speaking, there is no change in the government policy as RBI and customs restrictions on the authorised agencies for import continues.) The extract from the control document and conditions are:
| HS Code | Description | Importability | Conditions |
| 7106 | SILVER (INCLUDING SILVER PLATED WITH GOLD OR PLATINUM), UNWROUGHT OR IN SEMI-MANUFACTURED FORMS, OR IN POWDER FORM | ||
|
71061000 |
Powder |
Free |
Subject to RBI Regulations. |
|
71069100 |
Unwrought |
Free |
Subject to RBI Regulations. |
|
71069210 |
Sheets, plates, strips, tubes and pipes |
Free |
Subject to RBI Regulations. |
|
71069290 |
Other |
Free |
Subject to RBI Regulations. |
| 7108 | GOLD (INCLUDING GOLD PLATED WITH PLATINUM) UNWROUGHT OR IN SEMI-MANUFACTURED FORMS, OR IN POWDER FORM | ||
|
71081100 |
Non-monetary: Powder |
Free |
Subject to RBI Regulations. |
|
71081200 |
Other unwrought forms |
Free |
Subject to RBI Regulations. |
|
71081300 |
Other semi-manufactured forms Monetary |
Free |
Subject to RBI Regulations. |
| 7118 | COIN | ||
| 7118 10 00 | Coin (other than gold coin), not being legal tender | Free | |
|
71189000 |
Other |
Free |
Subject to RBI Regulations. |
Contacts for gold import:
Reserve Bank of India (RBI)
Perin Nariman Street,
Fort
Mumbai - 400 001, India
Email: yspthorat@rbi.org.in
State Bank of India
Central Office
Chairman's Secretariat
P.B.No.12, Nariman Point
Mumbai-400 021.
Tel: (022) 2202 2799
(022) 2202 2551 / 22026962
Minerals and Metals Trading Corporation (MMTC) Limited
Core-1, Scope Complex7,
Institutional Area,Lodi Road,
New Delhi,Delhi-110003
Tel : 011-24363551, 24362200
Fax : 011-24307234
EMAIL
:agro@mmtclimited.com/cpmr@mmtclimited.com
The
HHEC of India Ltd.
Jawahar Vyapar Bhawan Annexe-1,
1, Tolstoy Marg,
New Delhi - 110001
Phone : 91-11- 23701086, 23701132, 23701058
Fax : 91-11- 23701051
E - mail : hhecnd@ndc.vsnl.net.in
The
HHEC of India Ltd.
Okhla Industrial Estate Phase-111
New Delhi- 110020
Phone : 91-11- 26931237, 26323082
Fax : 91-11- 26847719
E mail : hhecdbo@ndf.vsnl.net.in
Handicrafts and
Handloom Export Corporation (HHEC)
Ramanashree Business Centre
I & II Floor, 143, Greams Road
Thousand Lights
Chennai (Madras) - 600 006, INDIA
Phone : 91-44-2829 5609 (6 Lines)
Fax : 91-44-2829 4610
Email :
hhecmds@md2.vsnl.net.in
State Trading Corporation of India
Jawahar Vyapar Bhawan
Tolstoy Marg,
New Delhi - 110001, INDIA
Tel : 91-11-23313177, 23701100
Fax : 91-11-23701191, 23701123
E-mail : stcindia@vsnl.net