Is gold really cheaper in dubai than in India?
Kannada actress Ranya Rao was arrested with 14.8 kg of gold at Bengaluru airport. This is being considered one of the biggest seizures in recent times. The actress was detained after landing from dubai by Emirates flight. Now the question arises, why did she need to bring gold from dubai to India? According to an estimate, gold in dubai is 11.5 percent cheaper than in Mumbai.
According to investigators, some of the smuggled gold was worn by Ranya herself, while most of it was hidden in her clothes. Ranya had gone to dubai four times in the last 15 days, this deepened the suspicion of the officials. This time the operation was carried out when Ranya returned from Dubai.
What is the price of gold in Dubai?
Today, i.e. on march 7, the price of gold in dubai is 3,260 AED (UAE Dirham) per 10 grams. In terms of dollars, this price is $ 887.63 per 10 grams and in terms of rupees, its price is Rs 77,281.46 per 10 grams. At the same time, gold is being sold in mumbai at the rate of Rs 87,480 per 10 grams (about $ 1,003.92). That is, gold in dubai is about 11.58 percent cheaper than Mumbai. On the other hand, if we talk about the international market, gold is trading at $ 2,908.9 per ounce in the New York Commodity Exchange. That is, the price of 10 grams of gold here is $ 1,026.08, which is more than both dubai and Mumbai. There are 28.3495 grams in one ounce.
How much is the tariff on gold?
Custom duty on gold brought from dubai to india is levied on the basis of the government's notified rate on gold, which is called tariff value or base rate. At present, the tariff value on gold is $ 927 per 10 grams. The import duty on gold is currently 6 percent. Finance minister Nirmala Sitharaman has reduced it from 15 percent to 6 percent in the Union Budget 2024-25.
How much will you save if you bring gold from Dubai?
If you bring gold from dubai, a 6 percent duty fee will be levied on the tariff value of gold of $927, which is $55.62. In rupees, its price will be around Rs 4,842 per 10 grams. Even if you pay $55.62 as custom duty on the gold brought from dubai, you will have to pay $943.25 per 10 grams (its price in dubai is $887.63 + $55.62 as custom duty). In rupees, this is Rs 82,119.34, which is Rs 5,360 cheaper than the price of 10 grams of gold in mumbai, which is Rs 87,480.
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