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Exemption limits for gold seizure clarified by Government

New Delhi, Thu, 01 Dec 2016 NI Wire

The government clarified on the exemption limits for seizure of gold jewellery and ornaments. The Government clarified exemption limits of seizure of gold jewellery and ornaments per married woman 500 grams, per unmarried woman 250 grams and per male member 100 grams.

To stop black money the Prime Minister Narendra Modi’s government made an announcement that from November 9, the old notes of Rs 500 and Rs 1000 will be demonetised.

According to the Finance Ministry release, “A reference to instruction No.1916 is also invited which provides that during the search operations, no seizure of gold jewellery and ornaments to the extent of 500 grams per married lady, 250 grams per unmarried lady and 100 grams per male member of the family shall be made.”

It also said, “Further, legitimate holding of jewellery up to any extent is fully protected.”

The government clearified in response to apprehensions which are arising from the ammendments to the tax laws proposed through the Taxation Lawa (Second Ammendment) Bill, 2016; passed earlier this week by the Lok Sabha to deal with the situation arising out of the November 8 demonetisation measure.

By the announcement of the government of demonetisation, it was expected that it will stop corruption and tax dodging. On the other hand, opposition members are protesting against this decision and saying that demonetisation will not work to stop corruption.

--with agency inputs


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