Government To Announce A New Gold Scheme?

Thu Oct 31 2019 15:52:09 GMT+0530 (IST)

We Indians have an undying love for the gold. While women love to wear gold ornaments for important functions, Men see gold as a good investment. Festivals and functions are incomplete without buying gold.



Every leading gold vending companies come up with new plans and schemes during the festivals. Coming to investment after land, gold is the most invested by the Indians.

Reportedly, the BJP government is planning to announce an amnesty scheme for unaccounted gold soon as a second installment to curb black money.

"This holding limit will be fixed under the scheme. Once the scheme is closed, heavy fines will be imposed on those holding unaccounted gold beyond the prescribed limit," said a close source.

The gold amnesty scheme will be in existence until a limited period.

However, the tax rate on gold holdings has not fixed yet. The value of the gold will be certified from a government-approved valuer. Married women will get a certain exemption from the gold holdings reportedly.

According to the present government Sovereign Bond Scheme, the individuals and Hindu Undivided Families (HUFs) are allowed to by four kilos of gold in Demat form. Under this, the trusts can purchase 20 kg of gold