In India, individuals are allowed to keep a certain amount of gold, either in the form of ornaments or bars, in their homes or in bank lockers without having to disclose the source of funds used for the acquisition. Married women can keep up to 500 grams of gold ornaments, unmarried women can keep up to 250 grams, and men can keep up to 100 grams without any proof required to be disclosed to the tax authorities. However, if the individual has gold in excess of these limits, the source of funds used for acquiring the gold must be explained to the tax authorities to avoid taxation at a flat rate of 60%. When gold ornaments are purchased, Goods & Services Tax is charged at 3%, and capital gains tax applies if the gold is sold within three years.
The Insurance Regulatory and Development Authority of India (IRDAI) has recently issued guidelines to streamline cashless health insurance claims procedures. Insurance companies are now required to approve cashless claims within one hour and provide authorisation for discharge from the hospital within three hours. Additionally, insurance companies cannot reject claims without the approval of the Claims Review Committee. Third-Party Administrators are responsible for collecting documents directly from hospitals, and policyholders who have not filed any claims may receive increased sum insured or premium discounts upon renewal. Policyholders are also entitled to refunds for the unexpired policy period if they decide to cancel their policies.
The Reserve Bank of India is pushing for the internationalisation of the Indian rupee by enabling settlements in bilateral trade using the rupee. Efforts are being made to support local currency settlements with partner countries and liberalise regulations regarding Indian rupee accounts for non-residents. Indian banks are encouraged to lend Indian rupees to non-residents, and special accounts are being introduced for foreign direct investment and portfolio investment. The Reserve Bank is also working on simplifying the regulatory framework to improve ease of doing business and extending the domestic Structured Financial Messaging System for cross-border payments.
In conclusion, individuals in India can keep a certain amount of gold at home or in bank lockers without disclosing the source of funds, but excess gold may be subject to taxation if the source is not explained. The recent guidelines issued by IRDAI aim to streamline the cashless health insurance claims process for policyholders. The Reserve Bank of India is taking steps to internationalize the Indian rupee by enabling settlements in bilateral trade and liberalizing regulations for non-resident accounts. Overall, these initiatives aim to enhance financial transparency and convenience for individuals in India.
