No plans of restricting domestic gold holding: Govt. source

New Delhi: A finance ministry source on Friday rebuffed the rumours that the government is considering a proposal to restrict domestic gold holding by people of India.

After the government, to everyone's surprise, banned the high denomination notes of Rs 500 and Rs 1,000 in a bid to crack down on black money, there have been rumours that the Narendra Modi-led government might introduce restrictions on gold holding by individuals.

"The government isn't mulling on any idea of restricting domestic gold holding," said the source.

There have been reports that many people have converted their black money into gold after the governmen's announcement of demonetisation on the night of November 8.

The government had a few days earlier clarified that there wasn't any move to digitise personal lockers in banks. There were rumours in the social media that the lockers would only be opened in presence of revenue officials.

The social media channels are flooded with such rumours that the government would soon set a limit of keeping gold by individuals. The reports, however, have turned out to be false.