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Step 1
Decide whether you need to sell sell gold bullion, coins, gold jewelry, or scrap. Determine who you want to target as your buyer in India. Sites like Indiamart and the Indian Yellow Pages have listings for gold brokers. Some take any kind of gold, while others have a more narrow focus. For instance, SUDHARSAN INTERNATIONAL imports only gold bullion. Others, like ZaveriI and Co are looking specifically for gold jewelry. One of the major centers in India for this kind of trade is Mumbai.
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Step 2
Determine what financial institution, bank or otherwise, you want to handle the funds exchange. Bank to bank exchanges are generally best, since this is far more secure and reliable.
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Step 3
Check the current price of gold. You can easily determine the current price of gold in India by visiting the website of the Multi Commodity Exchange of India Ltd.
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Step 4
To sell gold in India, you need to have one of the Indian government's Permanent Account Numbers, which are rapidly becoming necessary to conduct any kind of business in India. These are required so that you can pay the taxes owed. This, along with copies of the necessary receipts and invoices, are almost all the paperwork involved.
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Step 5
When you sell your gold, you must pay the relevant taxes. How much that tax will be will vary by how much gold you sold. To learn the current rules and tax rates, visit the website of the Income Tax Department of India, where it also possible to pay your tax directly online.
