WILL THERE BE A GOLD CONTROL ACT?

THERE IS A STRONG APPREHENSION THAT THE GOVERNMENT OF INDIA MAY BRING A STRONG LEGISLATION TO BRING THE GOLD (ILLEGAL AND UNDECLARED) INTO ACCOUNT SOON.

ALL THE SIGNALS ARE POINTING TOWARDS A STRONG ACTION SOON ON GOLD

Transactions in share market, real estate & in cash have come within reach of scrutiny of government and it appears that another Gold Control Act is in the offing.

In order to strengthen the existing laws relating to black money, the Government of India had constituted a Committee under the Chairman, CBDT to examine the measures to strengthen the existing legal and administrative framework to deal with the menace of generation of black money through illegal means including, inter alia:

a) Declaring wealth generated illegally as national asset;

b) Enacting / amending laws to confiscate and recover such assets; and

c) Providing for exemplary punishment against its perpetrators.

The Committee had submitted its report to the Government of India on 29.03.12. The report had been sent to different Ministries / Organisations and State Governments for necessary action.

The Income Tax Act, 1961 and IT Rules, 1962, also contain measures to check black money.

The recent, CBDT Notification No. 104/2016 dated 15th November, 2016 mentions that in exercise of the powers conferred by section 285BA, read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-

(1) These rules may be called the Income–tax (30th Amendment) Rules, 2016.
(2) They shall come into force from the date of their publication in the Official Gazette.

In the Income-tax Rules, 1962 (hereinafter referred to as the said rules), in rule 114B, in the Table, for serial number 10 and entries relating thereto the following serial number and entries shall be substituted, namely:-

Sl. No.

Nature of transaction

Value of transaction

1

2

3

“10.

Deposit with,-

(i) a banking company or a co-
operative bank to which the Banking

Regulation Act, 1949 (10 of 1949),

applies (including any bank or banking institution

referred

to in section 51

of that Act);

(ii) Post Office.

Cash deposits,-

(i) exceeding fifty thousand rupees during any one day; or

(ii) aggregating to more than two lakh fifty thousand rupees during the period 09th November, 2016 to 30th December, 2016.”.

In the said rules, in rule 114E, ̶

(i) in sub-rule (2), in the Table, after serial number 11 and entries relating thereto the following serial number and entries shall be inserted, namely:-

Sl. No.

Nature and value of transaction

Class of person (reporting person)

(1)

(2)

(3)

“12.

Cash deposits during the period 09th November, 2016 to 30th December, 2016 aggregating to ̶

(i) twelve lakh fifty thousand rupees or more, in one or more current account of a person; or

(ii) two lakh fifty thousand rupees or more, in one or more accounts (other than a current account) of a person.

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(i) A banking company or a co-operative

bank to which the Banking Regulation Act,

1949 (10 of 1949) applies

(including any bank or

banking institution referred to

in section 51 of that Act);

(ii) Post Master General as referred

to in clause (j) of

section 2 of the Indian Post Office Act,

1898 (6 of 1898).”

(ii) in sub-rule (5), the following proviso shall be inserted, namely:-

“Provided the statement of financial transaction in respect of the transactions listed at serial number (12) in the Table under sub-rule (2), shall be furnished on or before the 31st day of January, 2017.”.

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