To curb black money, government is preparing to announce an amnesty scheme for gold. If implemented, this could be the second big step in curbing black money after demonetisation in 2016.
According to sources, gold without receipt will have to be disclosed to the government and tax would be payable based on the rate set by the government. Just like the income tax amnesty scheme, this gold amnesty scheme will be open for a definite time period and people caught with gold without proper bills will have to pay heavy tax. This gold amnesty scheme is part of the comprehensive gold policy that the government is working on as per think-tank Niti Aayog's suggestions two years ago.