How Much Do You Save If You Buy Gold From Dubai, What Is Import Duty, Quantity Allowed? – News18
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The gold price in Dubai on March 7 stood at 3,260 AED per 10 grams, which is almost 11.5% cheaper than the Rs 87,480 per 10 grams gold being sold in Mumbai.
Actress Ranya Rao was arrested for allegedly smuggling gold from Dubai. (Photo: X,Representative)
Gold Price In Dubai, Mumbai & Import Duty: Even as Kannada actress Ranya Rao has been arrested at the Bengaluru airport following the seizure of 14.2 kg gold, it is being hailed as one of the biggest recoveries in recently times. Rao was arrested following arrival from Dubai on an Emirates flight. Why did she bring the yellow metal from Dubai into India? According to an estimate, the market price of gold in Dubai is over 11.5 per cent cheaper as compared with Mumbai.
According to investigators, Ranya Rao had allegedly smuggled the gold by wearing a significant portion of it and concealing gold bars in her clothing. The authorities grew suspicious after noticing that she had travelled to Dubai four times in 15 days, prompting a targeted operation upon her return. Preliminary investigations suggest that the actress may have attempted to use her connections to bypass customs checks.
What Is the Price Of Gold In Dubai, Mumbai, And International Market?
The gold price in Dubai on March 7 stood at 3,260 AED per 10 grams (UAE Dirham). In dollar terms, the price is $887.63 per 10 grams. In rupee terms, it is Rs 77,281.46.
This is almost 11.58 per cent cheaper than the Rs 87,480 per 10 grams (nearly $1,003.92) gold being sold in Mumbai.
In the international market, gold is trading at $2,908.9 an ounce in New York-based commodity exchange. For 10 grams, it is higher than both Dubai and Mumbai at $1,026.08.
An ounce has 28.3495 grams.
What Is Tariff Value Or Base Rate Of Gold?
When you bring gold from Dubai to India, the customs duty is imposed based on the government-notified rate of gold (called ‘tariff value’ or ‘base rate’), not the price at which you bought it in Dubai.
Currently, the tariff price of gold stands at $927 per 10 grams. It was reduced on February 28 by the Central Board of Indirect Taxes and Customs (CBIC) from the $938 earlier.
What Is The Import Duty On Gold?
The import duty of gold currently stands at 6 per cent. It was reduced from 15 per cent to 6 per cent in the Union Budget 2024-25 by Finance Minister Nirmala Sitharaman.
How Much Do You Save On Gold From Dubai?
If you bring gold from Dubai, a 6 per cent duty is levied on the gold tariff value of $927, which comes out to be $55.62. If you convert it into rupee, it will be around Rs 4,842 per 10 grams (taking $1 = 87.06).
Even if you pay $55.62 customs duty on gold from Dubai, the yellow metal will cost you $943.25 (your Dubai cost of $887.63 + customs duty of $55.62) per 10 grams. In rupee terms, it is Rs 82,119.34, which is cheaper by Rs 5,360 than the Rs 87,480 in Mumbai.
How Much Gold Are You Allowed To Carry On International Flights?
Under the Passport Act of 1967, Indian passengers are allowed to carry up to 1kg of gold, with specific duty-free allowances: 20 grams for men and 40 grams for women (with a value cap of Rs 1 lakh only in the case of a woman passenger.
Children are allowed to bring 20/40 grams of gold, with a value limit of Rs 50,000/Rs 1,00,000 depending on gender.
Passengers of Indian origin or those with a valid passport returning to India after at least six months of staying abroad are permitted to import gold in their baggage.
However, brief visits made during this six-month period will be disregarded if they do not exceed a total of 30 days and if the passenger has not already taken advantage of this exemption during those short visits. Importing gold in baggage is strictly prohibited for all other passengers.
