The Gold Bonds (Immunities and Exemptions) Act, 1993

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

In this Act, unless the context otherwise requires,-- (a) "Gold Bonds" means the Gold Bonds, 1998, issued by the Central Government in accordancewith 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 acompany, being a resident or residents in India, who has or have initially subscribed to the GoldBonds. 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-taxAct, 1961 (43 of 1961) shall have the meanings respectively assigned to them in that Act.

(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 thisAct, 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, beforeeach House of Parliament.

(1) Notwithstanding anything contained in the Wealth-tax Act, 1957 (27 of 1957),the Gift-tax Act, 1958 (18 of 1958), the Income-tax Act, 1961 (43 of 1961), the Customs Act, 1962 (52 of1962), the Foreign Exchange Regulation Act, 1973 (46 of 1973) and the Foreign Contribution(Regulation) Act, 1976 (49 of 1976),-- (a) no subscriber shall be required to disclose, for any purpose whatsoever, the nature and sourceof acquisition of the gold subscribed for the Gold Bonds, including the source of money with whichthe gold was acquired; (b) no inquiry or investigation shall be commenced against any subscriber under any of the saidActs 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 thepurposes 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 ofthe gold subscribed by the subscriber have already been initiated before the commencement of this Act inaccordance 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 underChapter IX or Chapter XVII of the Indian Penal Code (45 of 1860), the Narcotic Drugs and PsychotropicSubstances Act, 1985 (61 of 1985), the Terrorist and Disruptive Activities (Prevention) Act, 1987 (28 of1987), the Prevention of Corruption Act, 1988 (49 of 1988) or for the purposes of enforcement of anycivil liability.

Without prejudice to the generalityof the provisions of section 4,-- (a) the provisions of the Income-tax Act, 1961 (43 of 1961) shall 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 (18 of 1958) shall not apply where the gift of the GoldBonds is made by a subscriber, being an individual, to his spouse, child or parent.