HYDERABAD: With reports of Centre putting a limit of 500 grams of gold for married women and 250 grams of gold for unmarried women, those belonging from the middle class of the society are confused about their gold possessions.
Women not only consider gold a dear possession but also see it as the best way to invest and a dependable source in case of emergencies. However, due to restrictions on gold post demonetisation, women, especially from middle class are a panicked lot. “Most of the middle class families invest in gold. Many families start buying gold from the savings of their hard-earned money with the motive of passing it on to their children. Also, gold is very essential during marriages and other occasions. Therefore, it is quite natural that married women will have more than 500 grams of gold. Now we don’t know what will happen to the gold exceeding that limit,” said V Padma, a home maker from Mehdipatnam.
Most of the women echo the same feelings expressed by Padma and with no reliable source to clear various doubts and apprehensions related to developments post demonetisation, several of them are worried about future.
“Government should crack down on those who earn black money and buy gold in illegal ways. However, it is creating troubles to middle class families, who buy gold with their own money. We are getting news that if gold exceeds these limits, we should show receipts. From where can we bring receipts for gold brought years ago,” questioned A Radhika, senior manager at a private sector company at Himayatnagar.
Culturally scene, Indian women attach extreme importance to gold. Gold is also seen as one of the best liquid asset as it can be sold or mortgaged in case of emergencies.
As a result not just middle class and rich people but even poor strive hard to possess gold.But this sudden announcement has come as a bolt from the blue for many.
The love of people for gold is so high that immediately after announcement of demonetisation, many rich people allegedly bought gold in huge quantities. IT officials have already started cracking down on gold jewellery shops and inquiring on gold sales done post demonetisation.
“We welcome IT officials inquiring on gold purchases post demonetisation, as illegal transactions if done, can be spotted and people with black money can be traced. But while cracking down on black money, government should not spread panic among people who buy gold genuinely with own money. Many doubts are unanswered in case of gold. It would be better if government gives clarity on how various types of gold would be taxed and communicate it to people,” said Boorugu Suryaprakash Rao, President of Telangana Gold Merchants Association.