Very soon the Government of India is going to announce a Gold Amnesty Scheme 2020, which is held by a person, but is considered as a purchase of gold with black money without its purchase receipt. The scheme is an opportunity for those who invest black money into gold and convert it into legal form by paying tax. According to the news, the government is going to collect the tax and give a clean chit to those individuals who will declare the gold received. Please have a look to get more information about the plan.
Gold amnesty scheme 2020
According to the information we have received, the Government of India will soon start the scheme of gold amnesty. Under the scheme, the government said that the means of gold investing black money meant that buying gold without invoicing could be converted into legal investment by paying tax on it. The full value of gold purchased by a person without receipt will be taxable. The tax rate will be around 30% with a 33% effective rate which includes education cess which we get through sources. This scheme will consider another attempt of the Modi government to recover black money.
Gold Amnesty Scheme Highlights
| Scheme Name | Gold Amnesty Scheme |
| Initiated by | Government of India |
| Launched date | Not yet declared |
| Rate of tax | 33% (including education cess as per the sources) |
Benefits of Gold Amnesty Scheme :
- Undisclosed funds will be channelized with the help of this scheme
- This will help in the recovery of black money which is hidden by the people by purchasing it without hidden yellow metal (gold).
- This scheme will highlight the total gold hold in India
Gold Amnesty Scheme features
- Government will collect tax on the total value of gold declared without receipt.
- According to sources, the rate of tax on this undeclared gold will be 33% including education cess.
- This will convert illegal gold held by legal people.
- This is another initiative for recovery of money hidden by the government.
- Like the Income Tax Waiver Scheme, this scheme will also be open for a fixed time period.
Implementation of Gold Amnesty Scheme
Two years ago, Neeti Aayog suggested the government to take a step towards gold policy. It has been estimated by the Niti Commission that the total gold held by Indians is around 20000 tonnes, but considering non-imports, ancestral holdings, etc., the value is around 25000 to 30000 tonnes. The value of gold is more than 70 lakh crores. Now the government is considering taking a step in this concern. This will lead to initiatives and the scheme will be launched. The plan to expose black money is still under consideration; The government has not yet decided to launch the Gold Amnesty Scheme with the same measures. We will update the information as it is officially announced by the government.
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