No tax on interest from gold deposits

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Seeking to mobilize idle gold worth up to Rs 60 lakh crore held by households and institutions, government on Tuesday proposed a new scheme offering tax-free interest on depositing the yellow metal with banks.
The draft gold monetization scheme also provides for incentives to the banks, while individuals and institutions can deposit as low as 30 grams of gold, while the interest earned on it would be exempt from income tax as well as capital gains tax.

The stock of gold in India that is held by people of the country that is `neither traded nor monetized' is estimated to be over 20,000 tonnes, which would be worth about Rs 60 lakh crore at the current market price. A large amount of gold is also held by temples and other religious institutions. The draft scheme does not specifically mention the kind of institutions that would be covered under it.

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