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  3. Govt tightens baggage rules to check gold smuggling

Govt tightens baggage rules to check gold smuggling

07 Mar 2014 Evaluate

Seeking to check gold smuggling in the country, the government has tightened norms for Indians bringing gold into the country as overseas workers now prefer to bring their savings in gold, which is leading to spurt in smuggling and pressure on inward remittances.

As per the Central Board of Excise & Customs directive, passengers will now have to mention the engraved serial number on gold bars and item-wise list of ornaments in the baggage receipt issued by customs. In order to prevent misuse of the gold import facility, the apex indirect taxes body has also directed its field officials to ascertain the antecedents of such passengers, source of funding for gold as well as duty being paid in foreign currency and  person responsible for booking of tickets etc. Presently, any Indian passenger or a passenger holding a valid passport issued under the Passport Act, 1967 coming to India after a period of more than six months of stay abroad is eligible to import up to1 kg gold in the form of bars and ornaments on payment of 10% Customs duty in foreign currency.

Over the past few months, there has been a spurt in import of gold by eligible passengers through various airports and the custom department is of the view that some unscrupulous elements are smuggling gold by hiring eligible passengers to import gold on their behalf. Gold smuggling to India increased after the government and the Reserve Bank of India (RBI) imposed restriction on gold imports to reduce the widening current account deficit (CAD). The curbs included higher import duty at 10 percent and linking the imports to exports with 20:80 scheme under which 20% of all gold imports by importers has to be re-exported.

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