Government announced that there is no limit of Gold jewellery a person can hold. Finance Ministry said "There is no limit on holding of gold jewellery or ornaments by anybody provided it is acquired from explained sources of income including inheritance," 

The ministry released a statement that 85% mandatory tax in the new taxation law amendment bill will not be applied on gold holders including those who have inheritate gold and agricultural income.

"Jewellery and ornaments to the extent of 500 gms for married lady, 250 gms for unmarried lady and 100 gm for male member will not be seized, even if prima facie, it does not seem to be matching with the income record of the assessee," this was the second statement of Ministry.

Gold rates fell 0.25 % to Rs 28,690

WGC report-Analyses Global Gold Demand Dip

Gold boosts Rs.600 up,reaches Rs 31,150 per 10 grams !