The Hindu Business Line, in its January 6, 2014 article, reports that Kochi airport: Gold imports by NRIs zoom.
Extract :
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Gold imports at the
Kochi airport through the legal channel by Indians working abroad shot up to
233 kg in December from just 11 kg in November, according to Customs
officials.
The Customs
Department collected around Rs 20 crore as import
duty in December. The current import duty on gold bullion is 10 per cent.
While imports through the legal channel zoomed, there had been drastic fall
in gold smuggling – only 1 kg was seized in December. There was also
increase in the import of gold jewellery.
Indians who have
stayed abroad for a minimum of six months are allowed to import gold bullion
at 10 per cent while women who have stayed overseas for more than a year can
bring in gold jewellery worth Rs
1 lakh free of duty. For men, this is Rs 50,000
worth of gold.
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