India Bans Importing Gold Coins, Medallions and Dores

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There were rumors that this would happen back mid-2012
NEW DELHI: Seeking to reduce the import of gold, the Reserve Bank today prohibited inward shipment of gold coins, medallions and dores without license.

"From now onwards, import of gold in the form of coins and medallions is prohibited and henceforth all import of gold in any form or purity shall be subject to a licence issued by DGFT prescribing 20-80 scheme," Economic Affairs Secretary Arvind Mayaram told reporters here.

After a dip in June, gold imports again surged in July with 47 tonnes of inward shipments compared to 31 tonnes in the previous month.

Import of gold in April-July rose 87 per cent to 383 tonnes.

He said it shall be incumbent on all nominated banks, agencies and other entities to ensure that at least one-fifth, or 20 per cent, of every lot of import of gold is exclusively made available for the purpose of exports and the balance for domestic use.

Also importers will be required to make full upfront payment for the shipments.

"Gold dore imported will also be subjected to the discipline and it would be monitored at the refinery level.
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Economic Times
 
I wonder how much gold one could smuggle in the form of false teeth?
No doubt if we can think of it chances are its been done many times before. Gold horse shoe's? Gold boob job? ( saggyness may make the customs guys look the other way )
 
Matthew 26:14 said:
A chunky 18ct gold chain round your neck going through the airport could weigh a half kilo if you really went big !
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From what i can gather a male can wear RS 50,000 ( about $810 usd ) in gold into India. Anything above that will carry a duty of 10%.

My guess is a half kg gold necklace may be ( held ) by customs? then when you go to pick it up they would have *lost* it.

Could be wrong as its been over 20 years since i visited there but the customs guy noticed my piddly 14 gram gold necklace and quizzed me about any more gold.

Well overdue to revisit Goa!
 
I went to India earlier this year and I declared a 1oz gold blob I had with me. The duty I paid was like $20-$30 if I remember correctly.
 
Hmm interesting subject.

So what is happening to all this gold that goes to India? Do they want it to make jewellery etc to sell, or are they preferring gold to the local paper currency perhaps?
 
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