NEW DELHI: The Prime Minister’s office and the Finance Ministry are going to launch a special scheme aimed at legalising the unaccounted wealth in India and the most consumed asset, gold.
The plan is to be announced shortly, and individuals will be allowed to disclose their unaccounted gold. Beyond a certain limit, heavy taxes will be levied on the disclosed assets.
According to sources, the holding limit of gold will be fixed under this scheme. Once the scheme is closed, heavy fines will be imposed on unaccounted assets beyond the prescribed limits.
The proposal of setting up a gold board was jointly prepared by the Department of Economic Affairs and the Revenue Department. A ‘Gold Board’ will be set up with representatives from the government and private sector most likely by this fiscal.