No proposal to launch gold amnesty scheme: Report

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Gold jewellery
Gold jewellery

New Delhi : The government has no plans of any kind of amnesty scheme as a part of efforts to unearth unaccounted wealth stashed in the form of yellow metal, said a report on Thursday.

The clarification from the government came after some media reports claimed that a amnesty scheme may be launched soon under which individuals and entities will be able to declare their unaccounted gold holding without risk of being prosecuted.

There is no such gold amnesty scheme under consideration of Income Tax Department as being reported in media, the sources told

Reports indicated that scheme would try to overcome limited success of an earlier amnesty scheme Pradhan Mantri Garib Kalyan Yojana (PMGKY), also known as IDS-II, launched in 2017, post-the demonetisation exercise.

It is estimated that the total stock of gold held by Indians will be about 20,000 tonnes. However, the actual holding after taking into account unaccounted imports, ancestral holdings etc. should actually be in the region of 25,000-30,000 tonnes.