Hyderabad: Intensifying its war on black money, Modi government may impose curbs on domestic holdings of gold, an unnamed finance ministry official revealed this. Citizens of India must get ready to give declaration on gold holdings as government is keeping eye on gold transactions. Following demonetisation of 500 and 1000 notes, black money hoarders purchased gold in large amount. This was reflected in cabinet meeting held two days ago.
According to highly placed sources the cabinet decided to start war against gold hoarders. Before the positive results of ban on Old High Denomination notes could come to fore, black money hoarders converted black money into white money by purchasing gold. Several families have accumulated gold to get their daughters married.
Government is also mulling over imposing a limit on domestic gold holding. Government will urge citizens to voluntary declare gold possessed by them. Government will persuade to purchase gold through ETF. People must get ready to pay penalty if they hold gold more than the limit.