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What is the Gold Amnesty Scheme by the Government of India?

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Saifunnisa Saifunnisa
Answered on October 31,2019

Under the Gold Amnesty scheme, individuals would be asked to declare the quantity of gold they are possessing beyond a limit and pay taxes on the declared assets. 

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 new scheme is being considered as yet another attempt to unearth lakhs of crores of “black money” still lying in the system in the form of “unaccounted for” gold.

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