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Gold Bonds Immunities and Exemptions Act, 1993 Preamble 1

Title: Gold Bonds Immunities and Exemptions Act, 1993

State: Central

Year: 1993

GOLD BONDS (IMMUNITIES AND EXEMPTIONS) ACT, 1993 [Act, No. 25 of 1993] [2nd April, 1993] PREAMBLE An Act to provide for certain immunities to the subscribers of the Cold Bonds and for certain exemptions from direct taxes in relation to such Bonds and for matters connected therewith or incidental thereto. WHEREAS with a view to mobilising the idle gold resources of residents in India, it is expedient to provide for certain immunities and exemptions to render it possible for such residents to subscribe to Gold Bonds. BE it enacted by Parliament in the Forty-fourth Year of the Republic of India as follows:-

Gold Bonds Immunities and Exemptions Act, 1993 Complete Act

Title: Gold Bonds Immunities and Exemptions Act, 1993

State: Central

Year: 1993

Preamble1 - GOLD BONDS IMMUNITIES AND EXEMPTIONS ACT, 1993 Section1 - Short title and commencement Section2 - Definitions Section3 - Gold Bonds Scheme Section4 - Immunities Section5 - Gold Bonds not to be taken into account in certain cases Section6 - Repeal and savings

Gold Bonds Immunities and Exemptions Act, 1993 Section 5

Title: Gold Bonds Not to Be Taken into Account in Certain Cases

State: Central

Year: 1993

Without prejudice to the generality of the provisions of Section 4, (a) The provisions of the Income-tax Act, 1961shall not apply to- (i) Any interest accruing to the subscriber from the Gold Bonds; (ii) Any long-term capital gains arising to the subscriber; (b) The provisions of the Gift-tax Act, 1958 shall not apply where the gift of the Gold Bonds is made by a subscriber, being an individual, to his spouse, child or parent.

Gold Bonds Immunities and Exemptions Act, 1993 Section 3

Title: Gold Bonds Scheme

State: Central

Year: 1993

(1) The Central Government may, by notification in the Official Gazette, frame a scheme for subscription to the Gold Bonds, 1998, on or after the date of commencement of this Act, but before the specified date. Explanation. - For the purposes of this sub-section, "specified date" means the 31st day of March, 1993 or such other later date as the Central Government may, by notification in the Official Gazette, specify in this behalf. (2) The scheme framed under sub-section (1) shall be laid, as soon as may be after it is framed, before each House of Parliament.

Gold Bonds (Immunities and Exemptions) Act, 1993 Complete Act

State: Central

Year: 1993

.....shall be commenced against any subscriber under any of the said Acts on the ground that such subscriber owns the Gold Bonds; and (c) the fact that any subscriber owns the Gold Bonds shall not be taken into account for the purposes of, and shall be inadmissible as evidence in any proceedings under any of the said Acts : Provided that nothing contained in this sub-section shall apply where any proceedings in respect of the gold subscribed by the subscriber have already been initiated before the commencement of this Act in accordance with the provisions of any of the aforesaid Acts. (2) Nothing in sub-section (1) shall apply in relation to prosecution for any offence punishable under Chapter 9orChapter 17 of the Indian Penal Code, the Narcotic Drugs and Psychotropic Substances Act, 1985,the Terrorist and Disruptive Activities (Prevention) Act, 1987,the Prevention of Corruption Act, 1988or for the purposes of enforcement of any civil liability. SECTION 05: GOLD BONDS NOT TO BE TAKEN INTO ACCOUNT IN CERTAIN CASES Without prejudice to the generality of the provisions of Section 4-,- (a) the provisions of the Income-tax Act, 1961shall not apply to- (i) any interest accruing.....

Gold (Control) Repeal Act, 1990 Complete Act

State: Central

Year: 1990

.....as part of the Defence of lndia Rules. Later on the Gold Control Act, 1968was enacted with the broad objectives of controlling the production, manufacture, supply, distribution, use and possession of and business in gold, ornaments and articles of gold. The said enactment was meant to supplement other preventive measures to make circulation of smuggled gold difficult and its detection easier by extending the control over gold beyond the stage of import. 2. Over the past 22 years, the results achieved under the Act have not been encouraging and the desired objectives for which the Act was introduced have not been achieved due to various socio-economic and cultural factors in the vast multitude of the country's population and the lack of administrative machinery. On the other hand, this regressive and purely regulatory Act has given rise to considerable dissatisfaction in the minds of the public as it has caused hardship and harassment to the artisans and small self employed goldsmiths who have not been able to develop their skills and earn proper living on account of the rigours which this Act imposed upon them. 3. Taking these factors into consideration and the advice of.....

Gold Bonds Immunities and Exemptions Act, 1993 Section 4

Title: Immunities

State: Central

Year: 1993

.....for the Gold Bonds, including the source of money with which the gold was acquired; (b) No inquiry or investigation shall be commenced against any subscriber under any of the said Acts on the ground that such subscriber owns the Gold Bonds; and (c) The fact that any subscriber owns the Gold Bonds shall not be taken into account for the purposes of, and shall be inadmissible as evidence in any proceedings under any of the said Acts: PROVIDED that nothing contained in this sub-section shall apply where any proceedings in respect of the gold subscribed by the subscriber have already been initiated before the commencement of this Act in accordance with the provisions of any of the aforesaid Acts. (2) Nothing in sub-section (1) shall apply in relation to prosecution for any offence punishable under Chapter 9 or Chapter 17 of the Indian Penal Code, the Narcotic Drugs and Psychotropic Substances Act, 1985, the Terrorist and Disruptive Activities (Prevention) Act, 1987,the Prevention of Corruption Act, 1988 or for the purposes of enforcement of any civil liability.

Gold Bonds Immunities and Exemptions Act, 1993 Section 2

Title: Definitions

State: Central

Year: 1993

In this Act, unless the context otherwise requires, - (a) "Gold Bonds" means the Gold Bonds, 1998, issued by the Central Government in accordance with the scheme framed by that Government under Section 3; (b) "Subscriber" means an individual, a Hindu undivided family, trustees of a trust, a firm or a company, being a resident or residents in India, who has or have initially subscribed to the Gold Bonds. Explanation. - For the purposes of this clause, the expression "individual" shall also include, (i) his legal heirs; or (ii) Where a partition has taken place among the members of the Hindu undivided family, every member of such family having a share in the Gold Bonds; (c) All other words and expressions used in this Act but not defined and defined in the Income-tax Act, 1961,shall have the meanings respectively assigned to them in that Act.

Gold Bonds Immunities and Exemptions Act, 1993 Section 1

Title: Short Title and Commencement

State: Central

Year: 1993

(1) This Act may be called the Gold Bonds (Immunities and Exemptions) Act, 1993. (2) It shall be deemed to have come into force on the 31st day of January, 1993.

Gold Bonds Immunities and Exemptions Act, 1993 Section 6

Title: Repeal and Savings

State: Central

Year: 1993

(1) The Gold Bonds (Immunities and Exemptions) Ordinance, 1993 is hereby repealed. (2) Notwithstanding such repeal, anything done or any action taken under the said Ordinance, shall be deemed to have been done or taken under the corresponding provisions of this Act.