No proposal to restrict gold holding by individuals

Following the demonetisation of 500 and 1,000 rupee notes, there were apprehensions among people that the government might impose some kind of restrictions on gold holding by individuals.

By: PTI | New Delhi | Updated: November 25, 2016 8:13 pm
demonetisation, gold, restrict gold holdings, gold holdings, government, no restrictions, india news, indian express news There were reports that many people have converted their black money into gold following the announcement of demonetisation of high denomination currency notes. (Photo for representational purpose)

The government is not considering any proposal to restrict holding of gold by individuals, a top finance ministry source said on Friday. Following the demonetisation of 500 and 1,000 rupee notes in a bid to crack down on black money, there were apprehensions among people that the government might impose some kind of restrictions on gold holding by individuals. “There is no such proposal before the government on restricting domestic gold holding,” the source said.

There were reports that many people have converted their black money into gold following the announcement of demonetisation of high denomination currency notes by Prime Minister Narendra Modi on November 8.

The government had earlier denied that there was any move to digitise personal lockers in banks amid rumours in social media that they would be opened in only in the presence of revenue officials.

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  1. K
    Kaliyug
    Nov 26, 2016 at 12:26 am
    When you take good money and put it into gold jewelry that investment becomes useless, it will never circulate and it is as good as thrown in the dirt. I think every Indian needs to declare any gold purchases during the year, so that their income versus gold possession can be cross checked. I recently heard that in Mumbai Government workers are asking for ex amount of tolas of Gold for work to be done, bribery in gold ornaments. So it is important to clamp down on Gold and other precious stones.
    Reply
    1. J
      jaya
      Nov 25, 2016 at 4:52 pm
      Adani ambani and video con zee tv ?
      Reply
      1. J
        jaya
        Nov 25, 2016 at 4:51 pm
        who knows this government made the banking system loose the trust of people and over night any announcement becomes the law
        Reply
        1. R
          Rohith
          Nov 25, 2016 at 4:01 pm
          welcome proposal to restrict holding to about 50 gm per person in a family. So avg family holding should not exceed 200gm. Same for land holdings. A family should not hold more than 10 acres non-residential and half-acre residential plots. No more than 4 flats/homes.
          Reply
          1. J
            JM
            Nov 25, 2016 at 7:13 pm
            Living proof of corruption and black money are modi, shah, adani and ambani. Look at these fat gijjus. All are theives.
            Reply
            1. J
              Jolly
              Nov 25, 2016 at 5:27 pm
              Modi who spent ten crore to visit tiny country like Bhutan which is close. Imagine how much he has wasted in visiting 35 countries which are far away with his team. it could be tens of thousand of crores. Demonetisation and Noteban is coverup for biggest Fraud and Corruption under BJP. Modi who received 25 crores from birla as CM of Gujarat is hiding it in swiss bank that's the reason he did nothing about black money in swiss bank and targetting Middle cl and poor of this country knowing that weakest and poor cannot even go to supreme court to get justice and will commit suicide.
              Reply
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