MADURAI: The proposed Gold Amnesty Scheme by Narendra Modi government to unearth black money and go for a crackdown on unaccounted gold is receiving positive response.
“Even if the Central government relaxes some rules, atleast it has created a jerk among those who have accumulated black money in the form of gold,” Mr.S.Muthukrishnan, Proprietor, Sri Guru Jewellery Mart at K.Pudur in Madurai, has said on 1st November 2019.
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He feels that the gold regulation scheme is a welcome move because the middle class, lower middle class and poor people will not be affected since they purchase the yellow metal through hard earned savings through known income sources.
“At the same time, the honest tax payers in all categories have nothing to worry if Modi government decides to put a check on gold. The Income Tax Department’s target will be only those who are evading taxes because the government knows that gold is the easy way to hoard as black money,” opines Mr.Muthukrishnan.
He strongly feels that genuine people and tax-payers have to welcome any regulation to curb black money in our country and “it will also be better if there is a complete check on billing and actual sales in some top gold jewellery shops….On the one side we have families who struggle to buy even one or two grams of gold, while on the other side there are people who accumulate black money by going for gold purchases”.
