India plans gold amnesty scheme soon |
India may soon be announcing a gold amnesty scheme with an aim to target black money. The government is mulling a plan to fix a holding limit of the yellow metal under the scheme. Those holding unaccounted gold beyond the given limit will be penalized by the government. Under the scheme, the individuals will have to disclose unaccounted gold beyond a certain threshold and pay taxes on the disclosed value. Similar to the income tax amnesty scheme, the gold amnesty scheme will be open for a particular period of time after which the offenders will have to pay fines on holdings without bills. India is one of the largest buyers of gold globally. The government in the recent past introduced various measures to counter an increase in gold import by hiking duty on it and other precious metals so as to make the yellow metal and jewelry expensive in the domestic market. The country`s gold imports dipped about 3 percent in value terms to $32.8 billion during FY19.
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