Gold imports from Dubai to India have been steadily increasing in recent years.
In 2021, India imported 280 tonnes of gold from Dubai, which was a 12% increase
from the previous year. This makes Dubai the second largest source of gold
imports for India, after Switzerland.
in article's
What is the import duty of gold in India
There are a few reasons why India imports so much gold from Dubai. First,
Dubai is a major gold trading hub, and the prices of gold in Dubai are
often lower than in India. Second, the import rules for gold are more
relaxed in Dubai than in India. For example, there is no import duty on
gold bars and coins in Dubai, while there is a 12.5% import duty on gold
in India.
The Indian government is concerned about the high level of gold imports
from Dubai, and it has taken some steps to try to reduce these imports. In
2019, the government increased the import duty on gold from 10% to 12.5%.
However, these measures have not had a significant impact on the flow of
gold from Dubai to India.
In 2022-23, India is expected to import 300 tonnes of gold from Dubai.
This is a significant amount of gold, and it is a major factor in India's
current account deficit. The government is hoping that the recently signed
Comprehensive Economic Partnership Agreement (CEPA) with the UAE will help
to reduce the flow of gold from Dubai to India. Under the CEPA, India will
be able to import gold from the UAE at a concessional rate of 1%. This is
expected to make gold imports from Dubai more attractive to Indian buyers,
and it could lead to a decrease in the overall level of gold imports from
Dubai to India.
How much gold can I carry from Dubai
The amount of gold you can carry from Dubai to India depends on your
nationality and your residency status.
Indian nationals who have been living abroad for less than 6 months: You
can carry up to 20 grams of gold jewelry worth Rs. 50,000 duty-free.
Indian nationals who have been living abroad for more than 6 months: You
can carry up to 40 grams of gold jewelry worth Rs. 1,00,000 duty-free.
Non-Indian nationals: You can carry up to 100 grams of gold jewelry worth
Rs. 2,50,000 duty-free.
If you exceed these limits, you will have to pay customs duty on the
excess gold. The current customs duty on gold is 12.5%.
You can also carry gold bars or coins from Dubai to India, but the total
weight of the gold must not exceed 1 kilogram. There is no customs duty on
gold bars or coins, but you will have to declare them to customs when you
arrive in India.
It is important to note that these are just the general rules. The
specific rules may vary depending on your airline and the customs
officials you encounter. It is always a good idea to check with the
customs authorities before you travel to ensure that you are aware of the
latest regulations.
Can I bring 1kg gold from Dubai
Yes, you can bring 1kg gold from Dubai to India. However, there are a few
things you need to keep in mind:
You must declare the gold to customs when you arrive in India.
You will have to pay customs duty on the gold, unless you are an Indian
national who has been living abroad for more than 6 months.
The gold must be in the form of bars or coins. You cannot bring gold
jewelry in excess of the duty-free allowance.
The current customs duty on gold is 12.5%. So, if you bring 1kg of gold
from Dubai, you will have to pay a customs duty of Rs. 125,000.
It is important to note that these are just the general rules. The
specific rules may vary depending on your airline and the customs
officials you encounter. It is always a good idea to check with the
customs authorities before you travel to ensure that you are aware of the
latest regulations.
Here are some additional tips for bringing gold from Dubai to India:
Keep the gold in its original packaging. This will help to prove that the
gold is genuine.
Have the gold appraised by a jeweler before you travel. This will help to
establish the value of the gold for customs purposes.
Be prepared to show proof of your residency status in Dubai. This will
help to ensure that you are eligible for the duty-free allowance.
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