The Modi government is once again preparing to take a big step like note ban. This time the note will not be closed but people may be asked to account for the gold they have in order to curb black money. The Modi government is preparing to take another big step on black money after the ban.
According to exclusive information obtained by CNBC-Awaaz, the government may come up with a scheme to curb gold buyers with black money. According to sources, an amnesty scheme for gold could be introduced, similar to the income tax amnesty scheme.
Under this scheme, a certificate has to be obtained from the Valuation Center to determine the price of gold. A fixed amount of tax will have to be paid on the amount of gold disclosed without a bill. The scheme will be opened only for a special time limit. There will be a hefty penalty for getting more than the prescribed amount of gold after the expiry of the scheme. There may also be a special announcement to use the gold lying near the temple and the trust as a productive investment.
The scheme is said to have been jointly drafted by the Economic Affairs Department and the Revenue Department of the Finance Ministry. The finance ministry has sent its proposal to the cabinet. It may soon get approval from the cabinet
Along with the amnesty scheme, the promotion of gold as an asset class may also be announced. Significant changes could be made to make the Sovereign Gold Bond Scheme attractive to him. The option of mortgaging the Sovereign Gold Bond Certificate may also be offered and the creation of a Gold Board may be announced. The government intends to develop gold as a productive investment. The issue has been prepared based on the recommendation of the IIM professor.
Taxes seem to buy and waste time
Gold is a precious metal that we have to pay tax to buy and sell. You sell it within 6 months of buying gold.According to market analysis, due to geopolitical uncertainty, persistent buying of gold from central banks and weak rupee exchange rate, gold could reach Rs 2,000 per gram by the end of the year. The government’s move is also likely to bring down the price of gold in the country
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