Author Topic: Bring Coins from US to India  (Read 8920 times)

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Offline gbansal

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Bring Coins from US to India
« on: November 03, 2013, 11:37:01 AM »
Hi Guys,

 MY brother lives in US and he is coming to INDIA . How he can bring coins from US to India without paying any duty , hassle etc ?
the total values of coins which he is bringing is equal to 5-6K $

Offline Vivek

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Re: Bring Coins from US to India
« Reply #1 on: November 03, 2013, 12:29:20 PM »
One of my friend brought 2 proof sets 1973 and 1974  from US without any hassle for me. Total cost was around 500+ dollars.No one asked anything.But if its 5k then I am not sure.
brokencompass...may reveal you more details..
Vivek

Offline Ukrainii Pyat

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Re: Bring Coins from US to India
« Reply #2 on: November 03, 2013, 12:51:35 PM »
When premiums for ounce of gold are running $150-200 you can bet customs will look for gold!
Донецк Украина Donets'k Ukraine

Offline Bimat

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Bring Coins from US to India
« Reply #3 on: November 03, 2013, 02:47:47 PM »
In my opinion, it would be better if you declare the true value of your coins ($5000)...

Aditya
Caution. The low-hanging fruits are still there maybe for a reason.

Offline nomadbird

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Thx
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Offline gbansal

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Re: Bring Coins from US to India
« Reply #5 on: November 04, 2013, 07:07:21 AM »
Some are proof sets
1970-74
1938 1 rupee ms 62
1904 strait settlements  (http://www.ebay.com/itm/271292974179?ssPageName=STRK:MESELX:IT&_trksid=p3984.m1555.l2649#ht_545wt_1255)

1969-81 10 Rupees
3-4 50 Rupees coins
5-7 Silver coins
some medals
1971 1 Rupees 3 coins

I had to sell these coins some of  my favorite coins
1938 B NO MINTMARK INDIA RUPEE RUPEES NGC AU 58 SILVER

http://www.ebay.com/itm/271293021261?ssPageName=STRK:MESELX:IT&_trksid=p3984.m1555.l2649#ht_493wt_1255

1981 B INDIA ULTRA PROOF CAMEO PF 65 YEAR OF THE CHILD
http://www.ebay.com/itm/271294019586?ssPageName=STRK:MESELX:IT&_trksid=p3984.m1555.l2649#ht_961wt_1255


Name of Set
1901 LOT OF SEVEN VARIOUS BRITISH INDIA ONE ANNA COINS
1904 Straits Settlements 1904-B Dollar Coin
1920 INDIA 1920(b) 4 Annas VF-XF
1930 1917 India Collection of 4x George V Silver Coins
1938 INDIA NGC MS 62 1938 B ONE RUPEE SILVER COIN DOT MINTMARK
1969 INDIA 9-COIN PROOF SET 1969 GHANDI
1970 Republic of India Proof Set without COA
1971 India Proof Set without COA
1972 INDIA 1972 9-PIECE PROOF SET AS SHOWN IN CASE with COA
1972 INDIA 9-COIN PROOF SET 1972-B RARE IN CASE with CoA with letter
1973 India 2 Coin Proof Set WITH COA
1974 India Proof Set with COA
2003 India 2003 150 Year Railways 2-Coin Proof Set


10 Rupees
1   1969 India 10 Rupees 1969(B) Silver BU
2   1969 INDIA 1969B(ND) 10 Rupees Ghandi Silver Proof
3   1969 INDIA KM-185 1969-B 10 RUPEES BU
4   1970 India 10 Rupees 1970 Silver BU (lot one )
5   1970 INDIA REPUBLIC 1970 silver 10 Rupee FAO prooflike BU
6   1970 India silver 10 Rupees Republic 1970B Gem BU (Vaman)
7   1972 INDIA PROOF 1972 10 RUPEE BOMBAY SILVER
8   1974 QUANTITY INDIA PROOF 1974 10 RUPEE BOMBAY
9   1974 QUANTITY INDIA PROOF 1974 10 RUPEE BOMBAY
10   1975 INDIA PROOF 1975 10 RUPEE BOMBAY
11   1976 INDIA 10 RUPEES 1976   
12   1977 INDIA 10 RUPEES 1977 BU COMMEMORATIVE INDIAN COIN
13   1981 INDIA 10 RUPEES 1981
   
   
50 Rupee Coins    
1   1974 INDIA PROOF 1974 50 RUPEE BOMBAY SILVER
2   1975 INDIA 1975 50 Rupees Women's Year Silver UNC
3   1975 INDIA PROOF 1975 50 RUPEE BOMBAY SILVER

Medals
1942 INDIA 1 RUPEE 1942 LARGE SILVER COIN
1945 INDIA 1 RUPEE
1950 GREAT BRITAIN 2 SHILLINGS 1950
APOLLO 13 MISSION BRONZE MEDAL 1970 GEM IN ORIGINAL BOX W/PAPERS BY MENCONI
2009 GOUGH ISLAND 2009 1 Crown Falcon Crown-Size Unc


can you please tell for which i should declare or for which i should not ?

Offline Bimat

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Bring Coins from US to India
« Reply #6 on: November 04, 2013, 07:19:37 AM »
A collector friend of mine was coming back from Canada couple of years back and had quite a few silver coins with him. He was asked to pay custom duty and he did it without any hesitation as it's the best thing you can do (other than leaving the coins with customs). ;)

Also, don't forget to read a very informative post (personal experience) by forum member brokencompass here. I guess that will answer most of your questions. :)

Aditya
Caution. The low-hanging fruits are still there maybe for a reason.

Offline dheer

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Re: Bring Coins from US to India
« Reply #7 on: November 05, 2013, 04:22:42 AM »
As you have quite a few coins, best declare it. Also keep handy the composition, ie whats the total Silver in the coins. Be sure to declare the value of coins more than the Silver content.
If possible carry some print out that show the rough price of the items. As the customs do not know the value, they can't tax on wrong value. hence they would like to keep it with themselves for valuation, but if you carry the original purchase receipt or print outs of books that give the aprox price for quite a few items, then it should help.
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Offline Gaurav

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Re: Bring Coins from US to India
« Reply #8 on: January 27, 2014, 07:48:54 AM »
I will be getting some coins from Korea and wanted to know if there be customs duty on non-bullion coins? like Cu-Ni?

And for silver coins is the duty to be paid on the value of silver contained or the value of the coin? i.e. 10% on the weight and price of silver or 10% on the total value of the coin. I guess it should be by weight, but want to confirm.

EDIT: I just realised this topic!
http://www.worldofcoins.eu/forum/index.php/topic,19673.0.html

Offline Bimat

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Bring Coins from US to India
« Reply #9 on: January 27, 2014, 03:35:41 PM »
There shouldn't be any problem with Cu-Ni coins (no matter how heavy they are). You can bring silver coins too provided silver content isn't very high (avoid getting bullion coins). Gold coins will surely be caught and you will be asked to pay the custom duty unless you are very lucky... :)

Aditya
Caution. The low-hanging fruits are still there maybe for a reason.

Offline dheer

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Re: Bring Coins from US to India
« Reply #10 on: January 27, 2014, 05:35:25 PM »
I will be getting some coins from Korea and wanted to know if there be customs duty on non-bullion coins? like Cu-Ni?

And for silver coins is the duty to be paid on the value of silver contained or the value of the coin? i.e. 10% on the weight and price of silver or 10% on the total value of the coin. I guess it should be by weight, but want to confirm.

EDIT: I just realised this topic!
http://www.worldofcoins.eu/forum/index.php/topic,19673.0.html

Define some, if 1-2 or 20-50 ... if less than 5 there is no issue ... if more say 50, best declare it ... these would be treated as art and would be valued not on silver content, but market price ... so its best if you carry invoice and other supporting docs [for example a print out from KM] ... this is because the Customs will not know the value and they will ask you to keep it back for valuation at it would be ages ... best show them invoice and other docs and request them to value on the basis of that ...
http://coinsofrepublicindia.blogspot.in
A guide on Republic India Coins & Currencies

Offline Gaurav

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Re: Bring Coins from US to India
« Reply #11 on: January 28, 2014, 01:39:14 AM »
Thanks Bimat and dheer.

I am getting far too many conflicting answers for customs duty in India, including in your replies! I hope Bimat you are right and there is no duty on the coins, though the coins which I am planning to bring are in mint package, so it will be obvious that they are "special" and not regular circualtion coins. Most of these coins though have been released within the last 15 years.

dheer, since I have already bought 7 sets (~35 coins), the total number will shoot above 50, if I buy more (which  I would like to). I will also be carrying regular circulation coins but my understanding is that there is generally no issue with those. So they will be valued as art? All of them??? That will be a steep 10%.

I don't mind paying duties on silver (I would like to bring a few) or gold (which I don't plan to get) as I understand that entry of bullion is controlled, but hoping that it doesn't extend to non-bullion ones.

I am in Korea for some more time and I hope I am a bit more clear about the nitty-gritty of passing coins through Indian customs as this is continuously on my mind.

Thanks.
« Last Edit: January 30, 2014, 11:04:50 AM by Gaurav »

Offline dheer

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Re: Bring Coins from US to India
« Reply #12 on: January 28, 2014, 02:27:29 AM »
If you are trying to bring in sets, more than one, best is to declare it in customs. Show the valuation or purchase price. Pay the duty. It will not be treated as silver .... it would be art ... read it here http://www.cbec.gov.in/customs/cst2012-13/chap-97.pdf.

Good Luck.
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Offline Gaurav

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Re: Bring Coins from US to India
« Reply #13 on: January 28, 2014, 03:24:40 AM »
If you are trying to bring in sets, more than one, best is to declare it in customs. Show the valuation or purchase price. Pay the duty. It will not be treated as silver .... it would be art ... read it here http://www.cbec.gov.in/customs/cst2012-13/chap-97.pdf.

Good Luck.

Thanks for the link. Still trying to understand this. The rate indicated is 10% but the unit is kg. So how do we move from value to weight? Or is it sill 10% of value?

Regarding silver: It appears that the duty is 10%, but charged on a fixed rate of US$638/kg (current tariff rate). So say, I have 100g of silver content in coins, I will need to pay US$63.8 right? (http://businesstoday.intoday.in/story/govt-lowers-tariff-value-on-imported-gold-silver/1/202007.html).

Also, according to this link (http://www.cbec.gov.in/trvler-guide_ason22may2013.pdf) a resident India can import upto Rs. 35000 (~US$550), but not including silver. So if the value of the coins (non-bullion) is within the limits then it should be fine? The catch mentioned though is that "The goods over and above the free allowances shall be chargeable to customs duty @ 35% + an education cess of 3% i.e. to say the effective rate is 36.05%". So beyond those values there is a steep price, or so it appears to me.

The link also states that : "Any person can bring into India from a place outside India foreign exchange without any limit, but declaration is required when it exceeds US$5000". In this case, even if they are sets, can they be declared as foreign currency, as they are currently circulating coins?

Would appreciate inputs on the above.

PS: I just wish there was a simple way of knowing this, how much duty I need to pay and on what.

Offline dheer

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Re: Bring Coins from US to India
« Reply #14 on: January 29, 2014, 05:34:40 PM »
1. Regarding silver:
Trust me on this one, coins will NOT be treated as silver

2. Resident India can import upto Rs. 35000
Yes, this includes everything. A finicky custom officer would also value your used clothes in bag and other normal stuff at Rs 5000 [this is first hand, i did get evaluated as I needed to bring some electronic device]. And every other item ... and then value of coins ... so yes on a lucky day if your sets are less than Rs 35000 you can walk away, else depending on get a rebate of 35000 and pay duty on balance ...

3. India foreign exchange: Nope sets are definitely not Fx. Coins are Never. If you were collecting notes, yes if they were loosely put in an envelope and declared as Fx ... but then it does not mean you can hoard in your home ... if you have returned back for good, you cannot keep Fx more than $250 [or 2500 i forget] and remaining has to be exchanged at Bank.
http://coinsofrepublicindia.blogspot.in
A guide on Republic India Coins & Currencies