Author Topic: Bring Coins from US to India  (Read 8891 times)

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Offline Gaurav

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Re: Bring Coins from US to India
« Reply #15 on: January 30, 2014, 11:04:20 AM »
I am a novice so please help me understand. If the rate is 10% for both categories does it really matter if it is treated as silver or an art? As in what is the difference?

I did some more research and found that, also has a CEPA with South Korea where Chapter 97 goods (which you linked - arts goods) are going to be levied a duty of 4.69% instead of the regular 10% (http://www.cybex.in/Notifications/54-2013-Seeks-Amend-Notification-152-10722.aspx).

According to this calculator (https://www.icegate.gov.in/Webappl/duty_details.jsp?cth=97050090&cntrycd=KR) the effective rate comes at 9.02%.

Anyway, I am inclining towards not buying silver coins to avoid a potential mess.

Offline Bimat

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Bring Coins from US to India
« Reply #16 on: May 08, 2015, 08:28:59 AM »
I need quick reply for this question (asked on behalf of a friend):

A friend of mine is planning to carry a single gold coin (coin is worth about INR 44,000 but the gold content is 8 grams i.e. less than INR 25,000) from The Netherlands to Mumbai. Can he get it free of customs duty after declaring it in customs declaration form? If not, then what will be the duty charged?

Thanks in advance!

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

Offline asm

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Re: Bring Coins from US to India
« Reply #17 on: May 08, 2015, 12:55:30 PM »
Not 100% sure but Bullion is not excluded from customs duty payment.

Amit
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Offline Bimat

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Bring Coins from US to India
« Reply #18 on: May 08, 2015, 01:05:51 PM »
I read (online) that a male passenger is allowed to carry gold worth 50k (100k for women) without any duty. My problem is that it mentions 'jewelry, gold bars' etc but not coins...

Anyway, my friend has the invoice for purchase, he's bringing it as any other normal item (being single coin, it isn't much heavy, the parcel containing coin (in a wooden box) weighs about 400 grams). In case they ask him, he'll tell them that it's a coin for personal collection and he has the invoice so hopefully shouldn't be a problem...

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 #19 on: May 09, 2015, 05:23:50 AM »
I read (online) that a male passenger is allowed to carry gold worth 50k (100k for women) without any duty. My problem is that it mentions 'jewelry, gold bars' etc but not coins...


It will not be treated as Jewellery.
Generally once you get into Green Channel, depending on the officers mood, he would estimate Rs 5000 for used clothes, Rs 5000 for chocolates, Rs 5000 for perfumes and then Rs 44000 for the Coin based on invoice. So total value would be something around Rs 60000/- duty exemption upto to Rs 45000/- charge a duty on balance Rs 15000/-. Generally he would treat this as Gold and charge as per the rate, not sure what the current rate is, it should be 10% or less, ie 4%. There is also a clause that coins would be charged Rs 300 per 10 grams.

The best is you friend keeps politely requesting the officer to reduce the duty.
http://coinsofrepublicindia.blogspot.in
A guide on Republic India Coins & Currencies

Offline Bimat

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Bring Coins from US to India
« Reply #20 on: May 09, 2015, 08:16:23 AM »
Generally he would treat this as Gold and charge as per the rate, not sure what the current rate is, it should be 10% or less, ie 4%. There is also a clause that coins would be charged Rs 300 per 10 grams.
The best is you friend keeps politely requesting the officer to reduce the duty.

Thanks Dheer, I don't think my friend would mind paying Rs 300 (in fact somewhat less as coin weighs 8 grams) as custom duty. :)

I shall forward this information to him now..

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

Offline Bimat

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Bring Coins from US to India
« Reply #21 on: May 18, 2015, 05:59:09 AM »
Update: My friend's friend could successfully bring the gold coin without any problems at Mumbai customs. He carried it in his check-in luggage and wasn't asked anything about it. Another family member of him had a mobile phone, few other coins (not gold) and couple of other non heavy electronic items.

Thanks to all the replies and help! :)

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