Delhi; 31 Oct 2019 (UMM): According to a new Government of India scheme, a fine will be imposed on gold above a fixed quantity without proper purchase receipts.
Though the details of the scheme are yet to be revealed, government claims that the scheme is to prevent black money in gold investment.
Concerns are being raised that this scheme could prove to be similar to ‘note-bandi’, which the government alleged was to bring the black money out, but created hardship for ordinary Indians, while the rich were unaffected.
According to sources reported by Firstpost, gold without receipt will have to be disclosed to the government and tax would be payable based on the rate set by the government.
Just like the income tax amnesty scheme, this gold amnesty scheme will be open for a definite time period and people caught with gold without proper bills will have to pay heavy tax, according to CNBC-TV18 news.
This gold amnesty scheme is part of the comprehensive gold policy that the government is working on as per Niti Aayog's suggestions two years ago, the report said.
