Import Gold from USA
Generally, USA has been seen as a nation with very less utilization of the yellow metal. Indians love and utilize Gold too much extent that is why Import Gold from USA.Because of these reasons, USA has been one of the top 5 gold exporting nations of this world. Statistically, in the year 2016, United States of America has exported 4.8% of the total gold exports and the exports have been valued at 15.7 billion USD. That’s quite a big figure and the ranks in the fourth place at the global level.
The gold imports into the countries are bound by the restrictions imposed on the transfer of the yellow metal. For countries like India, the import of Gold / Gold bars from the USA is authorized and completely governed by the RBI.
Some guidelines by the RBI for the importing/ bringing of gold from the USA to India are –
- Any traveler from the USA who has stayed there for a minimum period of 6 months can carry gold bars up to 1 kg.
- This weight of gold is subject to duty charges that have to be paid at 10% of gold value (price is calculated at based on RBI guidelines)
- For travelers who are returning after a stay of 6 months and who wish to carry more than 1 kg can also bring so but should be prepared to pay the duty of 30.6% on the gold value. The first 1 kg is levied duty charges at 10% and the remaining is done at 30.6%
- Any traveler who returns ahead of 6 months of his stay in the USA can only bring gold which is chargeable at 30.6% as a customs duty.
- The customs duty has to be paid in the convertible currency at the airport while bringing the gold from the USA
- Beyond this, gold in the form of coins and medallions is generally prohibited.
- Gold bars can also be imported separately as a shipment or unaccompanied baggage that can reach to your country within 15 days of your travel from the USA.
- All imported gold bars from the USA needs to carry engraved seals of the manufacturer or refiner on it.
- The gold import package should have an export certificate authorized by the USA indicating the acceptance to ship the yellow metal from their country into another.
In countries such as India, the businessman who is importing the relevant amount/ weight of gold can also procure the permitted quantity from Customs bonded warehouses. These warehouses are generally managed by authorized organizations of RBI. Some authorized bodies include Metal and Minerals Trading Corporation (MMTC), State Bank of India (SBI), etc.
Bulk imports of gold whether for in-house selling or for exports to other countries should be facilitated through customs bonded warehouses only as stated above. Directorate General of Foreign Trade needs to issue a license to import gold in India.
It is a cumbersome process isn’t it, to import gold from USA? But once all guidelines are methodically adopted and finally if the license holder submits a report on utilization of gold bars which were imported earlier from the USA, then this process becomes a routine to follow for all shipments!