(SPAM) Gold Pan Card and Gold Account

This story of a GOLD PAN CARD circulating on social media is a hoax. There is no such announcement from the government as of today (3 Dec 2016)

Post Information:

GOLD PAN CARD

Stepping up its efforts to curb the menace of black money, starting from 26 Jan 2017 govt of India is launching gold PAN card. Every individual who has gold or going to buy or sell gold, it is mandatory to register with income tax department and open gold account with PAN number. This account will be linked with the income PAN. In an effort to curb the black money govt of India has come up with this initiative in collaboration with IT department. Salient features of this measure are
1. Amount of gold held by a person is registered in the form of weight in the account and not in the monetary form.
2. All the gold that any individual is holding has to be declared and registered in the account. Source of funding for the purchase has to be mentioned.
3. Gold PAN is mandatory for any purchase or sale of gold.
4. People with stock of gold from their ancestors have to declare the amount they are holding and get it registered in the account. A one time declaration of ancestral gold is allowed as source of gold.
5. Any gift of gold to an individual has to be registered in the gold account with source as gift and the PAN number of the person who gifted it.
6. Gold in the name of children is registered with minor gold PAN account. It is linked with parent/guardian gold PAN account. Parent/guardian has to declare the source of gold and they are held responsible for any illegal registration of gold entries. Once the child attains 18 years, they are free to handle their account and are responsible for any gold transactions.
7. 60 days period of time is given to declare all the gold assets, after this any gold found in addition to the amount in the gold account is considered illegal and criminal, excess amount of gold will be confiscated and legal action will be taken.
8. All the jewelry shops have to sell gold only to an individual having gold PAN account. From now onwards no cash transactions allowed for gold trading. Gold business deviating from this will loose their licence.
9. Import and export of gold will be strictly regulated.
Minister of commerce Smt. Nirmala Sitharaman said that Government wants to achieve money free India by the end of year 2017 and many such measures are in pipeline.

Verification:

Just to make it absolutely sure we went through the list of news from Indian Express posted on Nov 26th 2016. Nothing was found. Also there is so announcement from the government on any such plan as of today (3 Dec 2016)

Post date: 3 Dec 2016

Post ID: #1477

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