scorecardresearch
Follow Us:
Thursday, August 13, 2020

Gold monetisation scheme gets a push from PM Modi

The government has maintained no questions would be asked about the source of the undisclosed income or assets if the declaration is made voluntarily by September 30.

By: ENS Economic Bureau | New Delhi | Published: July 24, 2016 3:56:45 am
modi, narendra modi, black money, tax, income tax, money laundering, tax evasion, evading taxes, undisclosed assets, undisclosed income, india news Comparing unutilised gold to “dead money”, the PM asked jewellers to encourage their clients to park such jewellery or bars and coins with banks under the monetisation scheme. (source: PTI)

Prime Minister Narendra Modi on Saturday asked people to benefit from the government’s gold monetisation scheme and sought the help of jewellers to convey his message to their associates and clients to declare their undisclosed income before September 30 and take advantage of a one-time amnesty scheme.

Hinting that the gems and jewellery sector provides the maximum scope to black money hoarders, followed by land and construction sectors, the Prime Minister said at an event in Delhi: “Why is the fear of the government or income tax officers? The best way to change this situation is to declare everything (undisclosed income) before September 30. Because I don’t want anybody to lose sleep after September 30. And I don’t want to do that conversation that I would do on September 30. So convey my message to the people who are associated with you.”

The government has maintained no questions would be asked about the source of the undisclosed income or assets if the declaration is made voluntarily by September 30. Comparing unutilised gold to “dead money”, the PM asked jewellers to encourage their clients to park such jewellery or bars and coins with banks under the monetisation scheme.

📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines

For all the latest Business News, download Indian Express App.

Advertisement
Advertisement
Advertisement
Advertisement