Declare gold purchased without receipt? Speculative says Finance Ministry

New Delhi, Oct 31: The Centre is likely to introduce a gold amnesty scheme in a bid to curb black money. Under this scheme, gold without a proper receipt will have to be disclosed to the government and tax would be paid on the rate that the government decides.

This scheme aims at legalising unaccounted wealth and the Prime Minister’s Office is currently in consultation with the Finance Ministry, before the scheme is finalised.

Tax would have to be paid on the entire value of gold purchased by an individual without a receipt and this would in line with any amnesty scheme that has been floated during 2014-16.

Further the government is contemplating revising the present Sovereign Gold Bond Scheme in a bid to make it more attractive to the buyers. This scheme allows individuals and Hindu Undivided Families to purchase gold up to four kilograms in the demat format. The trust on the other hand can purchase up to 20 kilograms.

The Finance Ministry has already sent its proposal to the Cabinet. The matter was to be taken up in the earlier Cabinet meeting, but it was put off owing to the elections in Maharashtra and Haryana. The issue is likely to figure in the next Cabinet meeting and a decision in this regard would be taken.

However news agency ANI while quoting Finance Ministry sources said that there is no such scheme under consideration of the Income Tax Department. Typically such sort of reports tend to appear as the budget process is on, it also stated.