is it possible to import gold and electronics from emirates to india
- Author- Priynka Admin
- Publish Date-
A question that most of the Indians want an answer for is: Is it possible to import gold and electronics from the Emirates? Those who are very much fond of gold must be aware of how the Emirates is considered one of the largest exporter of gold to India. Its excellent quality is what makes the dream of purchasing gold more desirable in the masses.
Indians are extremely fond of gold. As reports suggest, the women in India have around 11% of the world’s gold, which exceeds the reserves of the USA, Switzerland, and Germany combined. And this is just the figure that is marked, there are others who haven’t reported or billed their purchase. Considering the importance of gold in the lives of the Indians, it is easy to understand the reasons to which the Indian Government increased its import duties. Hence the Emirates can be marked as the largest exporter of gold to India. One of the most prominent reasons is because of the fact that there is hardly any tax on either the purchase or selling of the gold item.
The Emirates is not only known for its gold markets and souks, but also for other commodities which are either essential or non-essential for the use of the mass. Non-essential items like television, mobile phones, and other hi-fi electronics, which are desired by the crowd.
This blog will advise its readers about the possibility of importing gold and electronics from the Emirates. it will intend to solve every doubt the reader has and further make them aware of these possibilities. Emirates Visa Online focuses and tries to solve all the travel and Emirates Visa related problems and queries of its clients. It is one of the most trusted and reputed portals for booking Visas and checking out the new travel trends. For more information on the same, you can check out the website.
- Importing Gold from the Emirates
- Process of importing gold and electronics
- Import Eligibility
- Some recent norms related to importation
- Frequently Asked Questions
Importing Gold from the Emirates
- The Emirates was an ordinary country just like any other country in the world until the time liquid petroleum and other mineral resources were discovered in it. After the discovery, it led to the instant glory of the country. The Emirates is considered as one of the superpowers in the world.
- The decision of the Monarch or the ruler of the Emirates decided to make the country a tax free country and gave opportunities to the entire world to come in and settle down and find a suitable job. Both the mass as well as the nation grew to be nothing but one of the leading powers of the world.
- The other reason why one must consider importing from the Emirates is the quality of gold they possess.
- The quality of gold possessed by the Indian market is only 22 karat, whereas the quality of gold possessed in the Emirates Market is 24 karat which marks its purity.
- Another fact about importing from the Emirates is always recommended, the price of gold in the Emirates and India creates a huge difference. The prices of gold are comparatively less in the Emirates because no taxes are added on it. Whereas the prices in India are on a higher scale due to the prices added to it.
Read Also: Emirates Visa Types
Process of importing gold and electronics
For bringing any commodity or an item from a foreign land into the territory of India, there is a proper procedure that is to be followed.
The laws that allow the import of selected commodities is as follows:
- Customs Act, 1962
- Foreign Trade(Development and Regulation) Act,1992
- The Customs Tariff Act, 1975.
The above-mentioned acts work together. These prescribed acts help in imposing custom duties and taxes depending on the importation of a certain commodity or an item. Some of the goods or commodities which can be imported to India without any custom duty charges are known as free allowances.
Following are the commodities or goods which are not included as a free allowance:
- Fire Arms or the cartridges of firearms exceeding the limit of 50
- Cigarettes if exceeding the quantity of 100 and Cigars if exceeding the quantity of 25.
- Exceeding the limit of 2 litres of Alcoholic liquor or wine
- Importing Gold or Silver in any form other than in jewellery or ornaments
- Any kind of flat panel television like Plasma or LCD or LED
Read Also: Emirates Travel Insurance
Effect of the New Laws and Rules
Considering the easy steps of trading and the import-export relationship between the two nations, the citizens took major advantages of the loopholes. These scammers took the opportunity to cheat and make money by trading the commodities illegally between the two nations.
Watching out for all these scammers, the Indian government has made some huge moves to eradicate the illegal trading of gold and electronics between India and the Emirates. The Indian government has tweaked some rules and has allotted a limit to all the import and export commodities
- The amount of gold that an Indian passenger was allowed to carry was reduced considerably. From 10kgs the quantity was reduced to 1kg.
- Another change made by the government was, they excluded the television and its models with a flat panel from the duty-free allowance list.
- Another step taken by the government was to create a hike in the rate of exchange of gold and silver.
Read Also: Emirates Visa Online Services