After demonetization that resulted in the scrapping of high-value notes of Rs. 500 and Rs. 1000, Narendra Modi led government attempts to put a check on black money by rolling out amnesty scheme for unaccounted gold, a leading business TV channel reported.
In accordance with the report which cited sources, individuals will be given an opportunity to disclose unaccounted gold beyond some threshold value and pay tax on the revealed value of gold.
"This holding limit will be fixed under the scheme. Once the scheme is closed, heavy fines will be imposed on those holding unaccounted gold beyond the prescribed limit," the report said citing a source privy to the development.
Similar to the income tax amnesty scheme, the gold amnesty scheme will be available for a limited time span.
The tax rate on gold holding beyond a certain threshold value will be similar to other 'amnesty' schemes rolled out between 2014-16, said an official. Further, as per the source, gold jewellery of married women up to some threshold value will be exempted from the scheme. The value of gold will be certified by government-approved valuer.