Eligible passengers returning from abroad
after a minimum stay of six months were allowed to bring 10 kgs
of gold on payment of appropriate customs duty till 17th April,
2012. This provision was reportedly
having an adverse impact on the domestic jewellery
industry.
A representation from All India Gems and Jewellery Trade Federation has been received pointing out
the misuse of this facility with a request to reduce the quantity of gold
allowed through this channel. Government
has reduced the quantity of gold allowed to be brought by such eligible
passengers returning from abroad from 10 kgs to 1 kg
with effect from 18th April, 2012.
The details of import and export of gold in
the last three years is as under:
Quantity (in Kg)
|
S.No.
|
Year
|
Import
|
Export
|
|
1.
|
2009-10
|
850985
|
22989
|
|
2.
|
2010-11
|
969736
|
34590
|
|
3.
|
2011-12
(upto Feb’ 2012)
|
986126
|
138510
|
NOTE: Figures
for 2011-12 are provisional.
This
information was given by the Minister of State for Finance, Shri
S.S. Palanimanickam
in written reply to a question in the Lok Sabha today.
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