🏦 Gold in Bank Lockers: How Much Can You Legally Store?
Many indians prefer keeping gold jewelry or coins in bank lockers for safety. But how much gold is allowed, and what rules apply? Here’s a detailed guide:🔹 1. RBI’s Stand on gold in bank Lockers· The Reserve bank of India (RBI) regulates banking activities but does not restrict the amount of gold you can store in a private locker· Lockers are considered private property of the depositor, and the bank only provides safe custody· No deposit insurance covers the contents of lockers, including gold🔹 2. Taxation Rules Related to gold Storage· Jewelry above ₹50,000 may need to be declared during income tax assessments if bought with cash· Gifts or inherited gold must follow income tax guidelines for valuation· Storing unaccounted gold can attract legal scrutiny under Income Tax and FEMA regulations🔹 3. Safety Guidelines for gold Storage· Banks provide lockers of different data-sizes; choose one according to your gold holdings· Maintain proper documentation of all jewelry or coins stored· Keep a list of items in the locker for insurance or legal purposes🔹 4. Bank’s Rights and Limitations· Banks can restrict access temporarily for legal reasons or during lockdown/emergencies· Banks are not liable for loss due to natural disasters, theft, or fire unless insurance is taken🔹 5. Pro Tip for Locker Users· Consider insuring valuable gold items for added security· Maintain purchase receipts and valuation certificates· Periodically update your locker contents to avoid disputes among heirs Disclaimer:The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of any agency, organization, employer, or company. All information provided is for general informational purposes only. While every effort has been made to ensure accuracy, we make no representations or warranties of any kind, express or implied, about the completeness, reliability, or suitability of the information contained herein. Readers are advised to verify facts and seek professional advice where necessary. Any reliance placed on such information is strictly at the reader’s own risk.