Gold prices jumped on Tuesday to Rs 53,000 from Rs 52,700 per 10 gram, while silver fell to Rs 63,000 from Rs 66,050 per kilogram, according to Good Returns website.
Gold jewellery prices vary across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making charges.
In New Delhi, the price of 22-carat gold rose to Rs 51,800 per 10 gram, and in Chennai to Rs 51,030. In Mumbai, the rate was Rs 51,100 according to the Good Returns website. The price of 24-carat gold prices in Chennai was at Rs 55,600.
On MCX, August gold futures fell 0.40 per cent to Rs 52,973 per 10 gram. Silver September came down to Rs 62,507 per kilogram. MCX has decided to accept gold and silver bars refined at domestic refineries for deliveries, subject to final regulatory approval.
The finance ministry is considering an amnesty programme for residents with illicit stash of gold, as part of an effort to crack down on tax evasion and cut its dependence on imports, according to people with knowledge of the matter.
Under the proposition made to Prime Minister Narendra Modi, the government plans to ask people with unaccounted holdings of the metal to declare it to tax authorities and pay levies, and penalty, the people said, asking not to be identified. The proposal is at an early stage and authorities are seeking feedback from officials concerned, they said.
Modi unveiled three state-backed plans in 2015 to try to tap the world’s largest private gold stash of about 25,000 tonnes held by households and institutions to trim physical demand, and reduce imports by providing people with alternative avenues for investment.