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WHO WILL REGULATE THE ENSUING GOLD (PRECIOUS METAL) CONTROL ACT- THE CBDT OR THE STILL BORN CBIT OR THE RBI?

Other Topics - By: - jayaprakash gopinathan - Dated:- 26-11-2016 - The Hon ble Prime minister declared that the demonetisation is only the beginning to end the menace of the black money. In such a scenario one can anticipate the reintroduction of the Gold Control Act, enacted in 1962 and repealed in 1990. This time it may not be restricted to Gold alone. Other precious metals used also for ornaments and to hoard as an asset may also be brought under the control to be introduced. The possibility .....

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ion of gold in primary forms (bars & coins) by individuals and restricted possession of gold jewellery. Persons were required to declare the gold jewellery in their possession if it exceeded more than two kilograms. The period between 1968 and 1990 was highly regulated for gold business but only paved way for a black market for Gold. When the Gold Control introduced in 1939 by the President Franklin Roosevelt of United States of America was a success due to the harsh penalty of $ 10, 000/- o .....

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