Govt clarifies: No gold amnesty scheme, reports speculative

The govt has clarified saying there is no Gold amnesty scheme under consideration of Income Tax Department as being reported in media, adding that with the budget process is on, these  speculative reports do appear. Reports indicated that the government is preparing to announce an amnesty scheme for gold, in order to curb black money. Reports even gave details of the scheme quoting sources, that gold without receipt will have to be disclosed to the government and a tax would be payable based on the rate set by the government. The Gold Amnesty Scheme had been proposed by Niti Aayog recently but was rejected by the Income Tax Department.