Is this illegal? Will I get in trouble?

I live in NY and the currency is Dollars.

I want go India and the currency is Rupee.

1 US Dollar is worth £70.38 ($70.38) in India.

Let say I go to India, exchange my US $ to Indian rupees, and than buy a lot of REAL gold jelwery with Indian rupees.

Let say than I come back to New York and sell these REAL gold jelwery. If I sell these I will make a lot of money.

Is this illegal?

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Most Helpful Guys

  • I dont think its illegal as long as you bring it for yourself + you gotta remember you have to declare it. And check the limits of everything you can bring into the country

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  • Most likely the biggest issue will be customs or the reliability of your shipping service. You need to figure out if you can bring your stuff back. likewise, you might buy all that gold and have it stolen by a thief in transit. Then you just wasted your money.

    Issues afterwards for you is probably legitimacy of the gold and the taxes from selling it.

    On a side note I wonder if you considered the ethical issues involved. That jewelry would likely be made from the results of child labor or unfair work practices. Even worse if that jewelry was stolen in a crime like a robbery or a murder.

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Most Helpful Girl

  • You might have to pay more in import duties than the profit you would make!

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Have an opinion?

What Guys Said 9

  • I recommend watching out they might try to take your real gold

    so I recommend hiding it really well
    HIDE IT

    THEY WILL TRY TO TAKE IT

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  • You have to declare the jewelry if it is over a certain value, and the import fee (duty or tax, same effect) might suck up all your potential profits

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  • It's legal but you'll find out that gold costs the same the world over and you would have lost money...

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  • if gold is cheaper in india, that's completely legal. given you pay all the taxes for that action.

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  • No. But you may have to pay some taxes. Also you appear to not understand how currency works.

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  • You'll pay a lot in duties when coming back to the US

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  • You will have to pay a tax at the airport if you have a lot and it wouldn't be worth it

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  • I don’t think so. Where in New York are you btw?

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  • Ever heard of taxes?

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What Girls Said 3

  • No lol but it's very stupid cause you'd be paying a shit ton of tax

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  • Ahahahhahaha is this actually serious?

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  • Yeh u might need to pay taxes

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