The Indian Ministry of Finance has reportedly proposed an amnesty program for citizens holding unreported gold. The government plans to ask people to declare all their gold stashes to tax authorities and pay levies. The proposition has been made to Prime Minister Narendra Modi.
New Gold Amnesty Program Proposed
India’s Ministry of Finance is considering “an amnesty program for residents with illicit stash of gold,” Bloomberg reported Thursday, noting that the proposal is part of “an effort to crack down on tax evasion” and reduce India’s “dependence on imports.” Citing people with knowledge of the matter, the publication detailed:
Under the proposition made to Prime Minister Narendra Modi, the government plans to ask people with unaccounted holdings of the metal to declare it to tax authorities and pay levies.
The proposal is at an early stage and the authorities are currently seeking feedback from concerned officials, the news outlet added.