After demonetisation now the BJP government is coming up with a gold amnesty scheme soon. The idea is to see that the Gold which is bought with the black money comes out and the people declare it and finally pay the tax on it so that it becomes legal.
Huge gold hoarding is being expected across the country which has been purchased to stash the black money. Now the Government would give an opportunity to the eope to declare the gold and then pay the tax.
However, the tax rate and modalities have not been finalised. The Government is expecting a lot of revenue from this gold tax. In future, the gold purchasers must take the bill so that it can be produced when the officials ask for it.
People who were unable to stash money have purchased gold so that it can be hidden easily. Now, all that has to come out and become legal. The individuals have to explain on the Gold that they have with them totally.
It has to be seen who far the government will succeed in bringing out the Gold from the people in the country. The total value of the entire gold wpild be assessed and the individual has to pay a tax of around 30 per cent to make it legal.
