No proposal to restrict gold holding by individuals: Finance Ministry

The legislature is not considering any proposition to confine holding of gold by people, a top back service source said on Friday.

Taking after the demonetization of 500 and 1,000 rupee notes in an offer to get serious about dark cash, there were fears among individuals that the legislature may force some sort of confinements on gold holding by people. “There is no such proposition before the administration on confining local gold holding,” the source said.

There were reports that many individuals have changed over their dark cash into gold after the declaration of demonetization of high division money notes by Prime Minister Narendra Modi on November 8. The legislature had before denied that there was any move to digitize individual lockers in banks in the midst of gossipy tidbits in online networking that they would be opened in just within the sight of income authorities.

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