Will have to give information about the gold kept at home

The Ministry of Finance is now considering an amnesty program for illegal gold held in households in India. Through this program, the government wants to curb tax evasion and reduce dependence on imports. A business news website has written a report citing people associated with the case. In the proposal presented before Prime Minister Narendra Modi, the government has said that the government will appeal to the people to inform the tax department about illegally kept Gold. However, this proposal is still in the initial stage. The government is still deliberating with the officials concerned.

PM Modi gave information about three plans in the year 2015, with the consent of the states, about 25,000 tons of gold kept in homes, physical gold by institutions and reducing imports so that alternative means of investment can be found. However, this plan could not be popular because a class did not want to leave the gold kept with it. A large part of the gold kept in homes is in the form of jewelery and wears it on special occasions. However, there was another class who feared that they would be punished by the tax department.

Also Read: Indian Banks are in Trouble, RBI report raises concern

Leave a Comment