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Gold lying 'dormant' in homes and institutions now to be used properly

Friday - July 31, 2020 1:58 pm , Category : WTN SPECIAL
A large number of 'illegal' gold kept in the country
A large number of 'illegal' gold kept in the country

Amnesty Program of the Modi Government to reveal illegal gold!

JULY 31 (WTN) - In India, the oldest civilized country in the world, there is a great craze towards gold. As you know, gold has been used in India since ancient times for social prestige, savings, and investment. In India, there is still a tradition of giving gold ornaments to the bride in marriage. Actually, it has been the mindset of every Indian that this precious yellow metal (gold) is the biggest support when there is an economic need.

This is the reason that according to an estimate, around 25,000 tons of gold is kept in the homes of people all over India and out of which most of the gold is kept illegally in houses. At the same time, for your information, let's know that the country has to use a large amount of valuable foreign currency for importing gold. In such a situation, the Modi Government is working on a big plan for gold.

According to information, the Modi Government is considering the Amnesty Program for the illegal gold kept in houses or elsewhere. In fact, through this program, the government intends to prevent the tax evasion on buying and selling of gold and to reduce the dependency on the imports. According to the information received from the media, in a proposal presented before Prime Minister Narendra Modi, it has been said that the government would appeal to the people to inform the tax department about the illegal possession of gold. If they do, they would only have to pay a levy or penalty. However, it is being told that the proposal is still in the initial stage.

Earlier, in the year 2015, the Modi Government had informed about three plans with the consent of the states, which were about 25,000 tons of gold kept in homes, physical gold by institutions, and reducing gold imports. In fact, the intention of the Modi Government is to provide alternative options to the people for investment, thereby reducing the dependence of the investment on gold.

However, this scheme of the Modi Government could not be popular among the common people as the majority of the people in the country did not want to deposit the gold with them in the banks. This is why because a large part of the gold kept in homes in India is in the form of jewellery, and these ornaments are worn exclusively by women in festivals and weddings. At the same time, people were afraid of this scheme that if they gave information about gold, they could be punished by the tax department. This is why, because most people have gold without bills.

Now, according to the Amnesty Program that the Modi Government can bring for the gold, people who will give information about their gold, keep it legally, they will have to keep a part of their gold with the government for some time. Actually, the Modi Government is in favor of reducing gold imports. For your information, let's know that this year, the price of gold has increased almost 30 percent so far.

This is why because in an environment of uncertainty about the global economy in the Corona era; investors are giving preference to the option of investing in gold over stocks.

The country is having to spend a large amount of precious foreign currency gold imports due to the rising prices of gold. In such a situation, under Amnesty Program, the Modi Government is considering to remove the dormant gold kept in houses and institutions and use it.