Dubai and Sona are once again in discussion after Kannada actress Ranya Rao was arrested with 14.8 kg of gold. In fact, Ranya Rao arrived at Bangalore International Airport (Campgowda International Airport) from Dubai from Emirates flight. Officials say she had allegedly brought gold in her clothes and brought gold. Dri (Directorate of Revenue Intelligence) was eyeing his frequent international visits and this time DRI seized a gold bar of Rs 12.56 crore from him and arrested him.
Now the question is why people come with so much gold from Dubai? Is gold cheaper than India in Dubai? The answer is- yes. Gold prices in Dubai are often lower than in India. That is why Dubai’s gold market attracts gold buyers.
Why is gold cheaper in Dubai?
Gold prices in Dubai are often lower than prices in India due to differences in import duty and tax policy. For example, Dubai has zero GST on bullion and gold jewelery, while India imposes 3% GST on gold. Apart from this, the manufacturing cost in Jewelery Stores in Dubai is quite relevant, making 24 carat gold in Dubai about 5% to 7% cheaper than India. Consumers save more money by buying huge amounts of gold from Dubai. But the rules of custom duty should not be forgotten on bringing gold from Dubai to India.
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How much gold can bring
According to the rules, if an Indian traveler returns to India after staying in Dubai for more than six months, he can bring gold to 1 kg in his baggage after paying custom duty. Talking about the limit of bringing duty free gold, male passengers can bring gold to 20 grams (Rs 50,000) from Dubai to the country without custom duty. Male passengers can bring gold coin or bar to the country. At the same time, the limit of bringing gold from Dubai in the country without custom duty for women passengers is up to 40 grams (Rs 1,00,000). Female passengers can bring gold as jewelery, bar or coin.
If the gold brought from Dubai crosses these limits, then the passenger who brings gold will have to fill the custom duty, which can be from 3 to 10% of the gold value. For verification, passengers will have to show the gold bill purchased to the custom authorities.
How much duty can children bring free gold
Children below 15 years of age can bring gold ornaments up to 40 grams from Dubai without custom duty in the country. These include gold gifts given to children. But it is necessary to have an ID proof, telling the relatives of the elders coming from Dubai to the child coming with him. This is so that the guardian can do paperwork.
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Ranya Rao went to 14 -day judicial custody
DRI says that after seizing gold from Ranya Rao at the airport, he was searched at his house and a gold jewelery worth Rs 2.06 crore and an Indian currency worth Rs 2.67 crore was also recovered. Rao is the half -daughter of senior IPS officer Ramchandra Rao. DGP rank officer Ramchandra Rao is currently working as the chairman and managing director of Karnataka State Police Housing and Infrastructure Development Corporation. The total seizure in this case is Rs 17.29 crore. After his arrest on Monday night, Ranya Rao was produced in the Economic Offenses Court, which sent him to judicial custody for 14 days.