Gold Amnesty Scheme Not After media reports pointed out that government will likely roll out the gold amnesty scheme for checking unaccounted gold holding beyond some threshold value, clarifications came up on Thursday stating that the government is not working out any such amnesty scheme to curb black money stashed as yellow-metal. There is no such gold amnesty scheme under consideration of the Income Tax Department as being reported in media, said the sources.
Currently, the budgetary process is in the works and ahead of its release in February, such speculative reports do make news, said the sources. Further reports highlighted the fact that the scheme will be worked out in a way such that the best possible result can be drawn out from it unlike the last amnesty scheme referred as Pradhan Mantri Garib Kalyan Yojana (PMGKY), also known as IDS-II, launched in 2017, that saw only limited success.
As per reports, via the new amnesty scheme individuals will be given an opportunity to disclose unaccounted gold beyond some ascertained 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.