Question Hour: Surgical strike on gold to check black money

The government has declared that a married woman can only keep 500 gm of gold with her, whereas an unmarried girl can keep upto 250 gm of gold with her. On the other hand, a man can keep only 100 gm of gold with him. No tax will be levied on ancestral gold and gold bought from declared income. If the gold is bought from undeclared income then along with 60 percent tax and 25 percent surcharge, one would have to pay cess.