New Delhi: The Finance Ministry on Thursday clarified that it was mooting implementing a ‘gold amnesty scheme’, a day after there were reports in media that such a scheme was under consideration of the Income Tax (I-T) department.

Speaking to news agency ANI, sources in the ministry said, “There is no Gold amnesty scheme under consideration of the Income Tax Department as being reported in media. As the budget process is on, typically these type of speculative reports do appear.”

On Wednesday, there was widespread speculation in the media that the central government would be soon introducing the gold amnesty scheme, on lines of other ‘amnesty schemes’, which were floated during 2014-16, such as the income tax amnesty scheme.

The reports had stated that the gold amnesty scheme was going to be introduced with an aim to target black money hoarders and would be the second big anti-corruption move by the Modi government after demonetisation in November 2016. Under the scheme, reports said, the government would fix a holding limit for gold with those holding unaccounted gold beyond the prescribed limit facing being penalised for the same.

The scheme, which reports said would be open only for a fixed period of time, would have seen violators pay taxes for the unaccounted gold hoarded by them, beyond the permissible limit. However, the tax rate for unaccounted gold beyond the threshold had not yet been ascertained, the reports had added.

Reportedly rejected by the I-T department earlier, the scheme was said to have been put forward once again by the NITI Aayog and the Economic Affairs Ministry.