Posted on: 23-05-12 10:40:45
Hi friends,
For those looking to buy gold bars, , it is also available @ the following address,
Toronto Gold Bullion
5775 Yonge St. North York,
ON, Canada
P: 416-488-5023
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mor
Whenever you experience joy, peace, security, equanimity or purity, it is only because you are aligned with ALMIGHTY.
Thanks for the info Peacock1 ... In case you are aware :
Do they charge tax ? Generally on minted Gold Bullion , there is no tax ..
How do their price compare with Kitco ?
I am sure that this will be a better option for people in Toronto who wish to purchase Gold Bullion ... Thanks for sharing .
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Fido.
Hi Fido,
I just checked with them, and I found it better priced than SCOTIA MOCATTA, and KITCO, and yes , NO TAX.
PLUS THE CONVINENCE OF SHOPPING , till 8 Pm , Mon- Fri. (Without the hasseles of going to downtown)
Only issue is to check for the bars in stock, or they do order it for us.
payment in Cash, debit, and US $ too.
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mor
Whenever you experience joy, peace, security, equanimity or purity, it is only because you are aligned with ALMIGHTY.
Recently, I came across another dealer, CanadianPMX (Richmond hill) and their prices are same or lower than kitco, Scotia and they accept, debit, cash and USD as well. They have the gold bars (Perth, Canadian, Scotia etc.) as well as coins.
its always best to buy from Scotia bank or Kitco, maybe you are paying little bit more at first, but you get a certificate with everything you buy and if you ever wish to sell, they will buy it from you as long as you have the certificate.
Quote:
Originally posted by TomJoad
its always best to buy from Scotia bank or Kitco, maybe you are paying little bit more at first, but you get a certificate with everything you buy and if you ever wish to sell, they will buy it from you as long as you have the certificate.
Thanks for your efforts on creating an brand new ID to provide your opinion, however, I think this way.
Royal Canadian Mint gold bars comes 0.9999 fine, they have serial number engraved on it and their name/stamp etc etc. so I think it does not matter as long as you buy from a reputed business. Toronto Gold Bullion is a genuine business. Sometimes Kitco has special offers/promotions. I callled Toronto Gold Bullion and they said they will price match.
Quote:
Originally posted by ashedfc
does anyone here knows the current rules for taking Gold into India, how much is allowed , & what are the charges (if any), etc, etc..
BTW,
Bordergold.com is another good place for online orders.. http://www.bordergold.com/product_rates.php
Fist majestic Silver is a silver miner, selling directly from their website for silver purchase.. http://www.store.firstmajestic.com/
Silver is a good buy, its not going to stay at current prices for long, once the inflation (which is already happening in food items) kicks in, silver will start its upwards march.. its a perfect time to add couple of ounces silver in your portfolio as diversification away from toxic bonds/junk bonds..
Thanks Ash for the links.
As for your question, here is what Indian customs rules say:-
http://www.cbec.gov.in/travellers.htm
(It would be easy for you to read from the link)
IMPORT OF JEWELLERY
An Indian passenger who has been residing abroad for over one year is allowed to bring jewellery, free of duty in his bonafide baggage upto an aggregate value of Rs. 10,000/- (in the case of a male passenger) or Rs.20,000/- (in the case of a lady passenger).
IMPORT OF GOLD AS BAGGAGE
Who can import gold as baggage?
Any passenger of Indian Origin or a passenger holding a valid passport, issued under the Passport Act, 1967, who is coming to India after a period of not less than six months of stay abroad; and short visits, if any, made by the passenger during the aforesaid period of six months shall be ignored if the total duration of stay on such visits does not exceed thirty days.
Other Conditions
(i) The duty shall be paid in convertible foreign currency.
(ii) The weight of gold (including ornaments) should not exceed 10 kgs. per passenger.
(iii) The passenger should not have brought gold or other ornaments during any of his visits (short visits) in the last six months i.e. he has not availed of the exemption under this scheme, at the time of short visits.
(iv) Ornaments studded with stones and pearls are not allowed to be imported.
(v) The passenger can either bring the gold himself at the time of arrival or import the same within fifteen days of his arrival in India as unaccompanied baggage.
(vi) The passenger can also obtain the permitted quantity of gold from Customs bonded warehouse of State Bank of India and Metals and Minerals Trading Corporation subject to conditions (i) and (ii)above. He is required to file a declaration in the prescribed Form before the Customs Officer at the time of arrival in India stating his intention to obtain the gold from the Customs bonded warehouse and pay the duty before clearance.
RATE OF DUTY
Sl.No.
Description of Goods
Rate
1.
Gold bars, other than tola bars, bearing manufacturers or refiners engraved serial number and weight expressed in metric units and gold coins
Rs. 300 per 10 gms. + 3% Edu. Cess
2.
Gold in any form other than at Sl.No. 1 above including tola bars and ornaments, but excluding ornaments studded with stones or pearls
Rs. 750 per 10 gms. + 3% Edu. Cess
Note:- The Jewellery which is in addition to the jewellery otherwise allowed without payment of duty, only is liable to payment of duty under the above mentioned scheme of import of gold
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Vik
