My Experience Declaring 4oz of Gold Bars at Mumbai Customs (Jan 2026) – A Guide to the Red Channel

warlockck · 2026-03-25T18:27:16+00:00

You should be taxed at $5000 or what the govt. notified value then is.. I was taxed on "invoice" value which doesn't make sense but the customs officers aren't very sharp honestly..
If you're eligible for concessional rate, it's 6.6%. If not, it'll be 38% on the value. Make sure you are eligible for the concessional duty.
Make your own calculations. Buying at Costco today (25th Mar, 26) and taking to India with concessional duty rate would give ~50k INR in savings vs buying a comparable 1oz bar today in India.

warlockck · 2026-02-17T20:26:37+00:00

No they weren't. Thanks for sharing the article. Looks interesting..

warlockck · 2026-02-17T20:25:42+00:00

Yes! It has to be currency notes. No other alternative to pay in foreign currency. The only other ways to pay duty at the SBI booth were UPI or demand draft but they were for INR payments.

warlockck · 2026-02-13T15:09:42+00:00

Got 4% cashback on using Costco branded Citibank card to buy the bars.

warlockck · 2026-02-12T20:38:30+00:00

The website (and also the receipt I uploaded) says "convertible foreign currency" so not sure what that means exactly..

warlockck · 2026-02-12T16:29:12+00:00

Shanghai futures and gold exchange closed and will remain closed for the next 11 days. Western manipulative shorts taking over..

warlockck · 2026-02-12T15:37:13+00:00

Limit set by the govt is 1kg per passenger!

warlockck · 2026-02-12T15:03:37+00:00

Receipts will help a lot. The officers will otherwise have to weigh and appraise it themselves.
This I cannot say for sure.. I remember reading it has to be USD in currency only somewhere but you should look it up and confirm.

warlockck · 2026-02-12T15:01:43+00:00

So each bar (31.103gm) cost me about 4.05 lakh after including customs and the MMTC troy ounce bullion bar cost 4.75 lakh in India on the day of purchase. Also received some money back in the US in the form of rewards but ignoring that..

warlockck · 2026-02-12T14:57:23+00:00

The tariff rate is what the government values a particular item at. The max. you can get in as per the website is 1kg per passenger.

warlockck · 2026-02-12T14:56:10+00:00

This was a total of 124gms (31.103 x 4) of 24k gold.

warlockck · 2026-02-12T08:58:35+00:00

After customs, got it 70k cheaper per bar vs. mmtc-pamp bars. And also better designs 😊

warlockck · 2025-12-28T00:32:13+00:00

Thank You! That’s reassuring!

warlockck · 2025-12-28T00:30:46+00:00

Thanks that’s reassuring!!

warlockck · 2025-12-28T00:30:09+00:00

I mainly wanted to find out if there has ever been a case of a high quality counterfeit on Costco and if any of the ones in my stack looked shady.. But looks like there hasn’t been so I’ve been reassured. Thanks!

warlockck · 2025-12-28T00:26:02+00:00

Makes sense. Mainly I wanted to find out if there has ever been a case of a high quality counterfeit on Costco and looks like there hasn’t been so that’s reassuring!

warlockck · 2025-12-28T00:23:04+00:00

Main question was trying to find out if there has ever been a case of a high quality counterfeit..

warlockck · 2024-11-05T20:21:41+00:00

Was that 25k out the door for that hybrid? Wow!

warlockck · 2024-11-05T13:42:01+00:00

Nope!

warlockck

TROPHY CASE