The passenger, a resident of Srinagar, was intercepted after his arrival from Abu Dhabi.
A detailed personal search of the passenger resulted in the recovery of one hundred medallions weighing 800 grams, the Customs said in a release.
The medallions, valued at Rs 21.58 lakh were kept in the compressive stockings wore by him, the release said.
The gold medallions were seized and the passenger was arrested, it said.