Govt considers amnesty scheme for citizens hoarding gold illegally

The finance ministry is considering an amnesty programme for residents with illicit stash of gold, as part of an effort to crack down on tax evasion and cut its dependence on imports, according to people with knowledge of the matter.

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, and penalty, the people said, asking not to be identified. The proposal is at an early stage and authorities are seeking feedback from officials concerned, they said.

Modi unveiled three state-backed plans