Norms on gold monetisation scheme
Government has recently issued norms on gold monetisation scheme. Based on the feedback received from the stakeholders of the scheme and the reviews held, Government has allowed following Tax Exemptions:
i). Deposit Certificates issued under Gold Monetisation Scheme, 2015 notified by the Central Government, are excluded from the definition of capital asset and hence are exempt from capital gains tax.
ii). Interest income on Deposit Certificates issued under the Gold Monetisation Scheme, 2015 is also exempt from income-tax.
These amendments are effective from the 1st day of April, 2016 and shall accordingly apply in relation to assessment year 2016-17 and subsequent years.
This was stated by Shri Arjun Ram Meghwal, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha today.