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Home Fact-Check Government clarifies that there is no 'Gold Amnesty Scheme' after media publishes misleading reports

Government clarifies that there is no ‘Gold Amnesty Scheme’ after media publishes misleading reports

The finance ministry has clarified that there is no such gold amnesty scheme under consideration and the media reports claiming it are false.

After spreading misleading news against RBI regarding the sale of gold reserves, the media has yet again attempted similar propaganda as some news outlets had reported that the Centre had proposed an ‘amnesty scheme’ for gold to unearth black money.

Media houses had reported earlier today that the government may soon announce a ‘gold amnesty scheme’ with an aim to target black money. “The government was mulling a plan to fix a holding limit of the yellow metal under the scheme,” the reports had said.

Firstpost report claiming that Centre proposing a gold amnesty scheme.


The Economic Times had reported that the new amnesty scheme will be introduced to allow gold hoarders to come clean on the investment made using black money by declaring their possession and paying tax on it.

Economic Times report

However, on Thursday, the government officials have refuted the media reports claiming regarding such an ‘amnesty scheme’. According to CNBC-TV18, the government officials stated that there is no such Gold Amnesty Scheme under consideration as being reported in media.

The government is not considering any gold amnesty scheme as part of efforts to unearth unaccounted wealth stashed in the form of yellow metal, official sources said on Thursday. ANI reported quoting the finance ministry that there is no such scheme under consideration and media reports are mere speculation.

In a hurry to corner the Modi government, some sections of the mainstream media had published misleading reports to suggest that the government intended to control private holdings in its fight against black money.

Congress party trolls and propagandists soon jumped to the scene to spread their usual lies, claiming that it was another demonetisation.

In similar propaganda last week, various media houses had reported that the Reserve Bank of India has been selling gold from its reserves for the first time in a long while. According to the Economic Times report, the RBI since the beginning of July had bought gold worth $5.1 billion and sold about $1.15 billion of the yellow metal.

Tweaking its headline a bit, the ET had reported that RBI has begun to sell some of its gold again despite their own reports suggesting that RBI had bought more gold than selling from its reserves.

Read: Reserve Bank of India clarifies that it has not sold any gold or trading in it, refutes the ET report categorically

However, the Reserve Bank of India had to release a statement refuting media reports which had stated that they have been selling or trading in gold lately. The RBI had clarified that it has not sold any gold or trading in it.

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OpIndia Staff
Staff reporter at OpIndia

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