Import of Silver by NRIs
  1. Can NRIs bring silver into India?
  1. What is the rate of duty payment on such import?
  1. Can they bring both gold and silver?
  1. Can NRIs sell gold/silver imported by them to residents?

 

Ans.I

Yes. NRIs can bring to India silver upto 100 kilograms as part of their personal baggage.

Ans.II

The rate of duty on import of silver is Rs. 500 per kilogram which is payable in foreign currency.

Ans.III

Yes.

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Ans.IV

Yes. Gold/silver so brought by NRIs can be sold to residents against payment in rupees. Reserve Bank has granted general permission to persons resident in India to make payment to NRIs in Indian rupees by means of a crossed cheque in India and that such rupees are credited to Ordinary Non-resident Rupee (NRO) account of the NRI seller.

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