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News India Live, Digital Desk: If you are going on a trip abroad or are planning to bring gold with you while returning from there, then this news is very important for you. The Government of India and the Customs Department have issued important changes and clarifications in the rules for import of gold. If you are not aware of the rules, you may not only have to pay a heavy fine but may also have to go to jail.

According to a Times Bull report, the government has given strict instructions regarding ‘duty free’ limits and tax slabs to stop gold smuggling and balance the domestic market.

1. How much is the ‘free limit’? (Duty-Free Allowance)

According to Indian law, any Indian citizen who is living abroad for more than a year can bring with him gold without paying tax up to a certain limit:

For male passengers: Gold jewelery (up to approximately 20 grams) worth up to ₹50,000.

For female passengers: Gold jewelery (up to approximately 40 grams) worth up to ₹1,00,000.

Condition: This discount is available only on ‘jewellery’ and not on gold coins or biscuits.

2. What are the rules on coins and gold bars?

If you bring gold coins or biscuits, no matter how low their value is, you will have to Customs Duty It is mandatory to give. According to the rules, bringing them without declaration can be considered as smuggling.

3. Tax rates under the new rules

After the recent budget amendments, if you bring gold in excess of the prescribed limit, you will have to pay effective custom duty on it. Currently, the import duty on gold was reduced to boost the legal channel, but still this rate is close to Rs. 6% to 15% (Depending on conditions).

4. What will be the action if rules are broken?

Non declaration: If you have gold more than the prescribed limit and you do not declare it at the ‘Red Channel’, the customs authorities can confiscate it.

Fine and Jail: There is a provision for arrest and lengthy legal process if illegal gold worth more than ₹20 lakh is found.

Important tips for travelers:

Keep the receipt with you: Always keep the confirmed receipt of gold purchased from abroad with you.

Use of Red Channel: If you are bringing more gold than the limit, go to the ‘red channel’ at the airport to inform the authorities and pay the necessary taxes.

Old Jewellery: If you went abroad wearing gold from India and are bringing it back, then get an ‘Export Certificate’ made at the airport while going so that you do not have to pay duty while returning.