Gold Monetization programme is not tax amnesty scheme: MoS
By TIOL News Service
NEW DELHI, APRIL 07, 2018: GOVT has stated that the Gold Monetisation Scheme is not to provide tax amnesty. As per the guidelines issued by the Government on Gold Monetization Scheme, tax exemptions, same as those available under the earller Gold Deposit scheme (GDS), would be made available to the customers, as applicable.
The objective of the Gold Monetisation scheme is to mobilize the gold held by households and institutions in the country to put this gold into productive use and in the long run to reduce the current account deficit by reducing the country's reliance on the imports of gold to meet the domestic demand.
As per World Gold Council's yearly data for 2017, India is the second largest consumer of Gold behind China.
This was stated by Mr P. Radhakrishnan, Minister of State for Finance in a written reply to a question in Lok Sabha yesterday.
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