'Idhuvum Kadandhu Pogum "
Even this challenging situation would ease
I fully support this initiative as another loophole for keeping black money will be plugged.
When you talk, you are only repeating what you already know. But if you listen, you may learn something new!
The same thing was stated earlier also during 2015 in connection with Gold monetisation scheme. I quote what I found in that regard.
"Depositors may be informed by the banks that as per CBDT (Central Board of Direct Taxes) instructions...in the course of IT search u/s 132, gold jewellery to the extent of 500 grams per married lady, 250 grams per unmarried lady and 100 grams per male member of the family need not be seized by tax authorities, but the tax penalties, as applicable, will be levied," ...............(courtesy :livemint.com dated September 19,2015).
( The same and more can also be read in the URL: voiceofca.in/siteadmin/document/Golddepositsover500gmwithoutknownincomesourceswillattracttax.pdf)
So there is nothing new introduced or implemented now. Whatever is being exaggeratedly flashed and discussed is either due to the lack of knowledge on the matter or for deliberate dramatising in the current scenario.
The greatest wealth in this world is mental peace and good health.