Gold: If you have stored illegally, you can get forgiveness, know the government’s plan
If someone in the country has illegally stored gold, he can get a government apology. In an effort to curb tax evasion and reduce its dependence on imports, the Finance Ministry is considering an amnesty scheme for illegal hoarding of gold. As per the proposal placed before Prime Minister Narendra Modi, the government plans to inform the tax authorities about the unaccounted gold from the people and collect a fine on it. The proposal is still at the initial level and authorities are seeking answers from the authorities concerned.
Tried in 2015
The Modi government launched a plan in 2015, which had the support of three states. Under that plan, India, where most of the gold is kept in the world, had to reduce imports by controlling gold holdings and providing people with other options for investing in gold. Families and various institutions in India hold around 25000 tonnes of gold. But people were not interested in that program, because people were in danger of being fined. As it is, gold is worn on ceremonies like weddings in India, so people shy away from sleeping.
What will be the new plan
Those who declare gold deposited with them will have to deposit some legitimate gold with the government for a few years. According to an earlier Livemint report, the administration had planned a similar event last year. The tax office had then denied any plans for amnesty. But now the government’s plan is for a general amnesty. Any such offer of amnesty is fraught with risks as the country’s top court has ruled that Indians cannot claim full amnesty after criticism. Because such programs harm honest taxpayers.
How was the performance of gold
This year, gold has gone up by about 30 per cent, which has led to significant profits for investors. Due to the weak dollar and low-interest rates, the demand for gold has increased due to the epidemic, which has led to a significant increase in its prices. Even today gold prices have reached new record levels. 24-carat gold rose by Rs 341 to open at Rs 53354 per 10 grams today in bullion markets. It closed at Rs 53013 on Wednesday.