New Delhi: The Centre is likely to announce a general amnesty scheme soon for those who use black money to buy yellow metal, gold. According to sources, the new Amnesty Scheme has given gold hoarders an opportunity to legalize the money invested. For this, they will have to disclose the gold they have and pay the tax. The tax will have to be paid at the full price of gold declared by a person who was bought without a receipt.
Gold in India is considered a safe option for investment. Even though the government has not fixed the tax rate for the scheme, the sources indicated that the rate could be around 33 per cent with the tax rate of 30 per cent and the education cess at around 33 per cent. The new scheme is being seen as another attempt to unearth black money worth lakhs of crores of rupees, which remains in the system as undeclared gold.
The scheme will also try to overcome the limited success of the previous Garib Kalyan Yojana (PMGKY). The scheme, introduced in 2017 after demonetisation, is also known as IDS-3. "The idea of planning is good, but its effective implementation is very difficult. People have been collecting gold for a long time and on many occasions the yellow metal is inherited and has no transaction information. At the same time, it will be very difficult for people to declare gold when they have to pay a third of the value as tax. '
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