People often use bank lockers to store jewelry. This method is considered safe, as there is a risk of theft at home and the jewelry is kept in a locker with security. Second, you can remove your jewelry when needed.
In this the bank charges a small fee and also takes responsibility for its security. So, what are the specific rules regarding gold lockers? How much gold can you keep in a locker? Such questions are in the minds of most people.
As per income tax rules, there are some limits on how much gold you can keep at home. A married woman can keep up to 500 grams of gold. For unmarried women this limit is 250 grams. For men this limit is only 100 grams. This means, if a married couple lives in the same house, they can keep up to 600 grams (husband 100 grams + wife 500 grams) of gold. These rules are designed to prevent tax evasion and illegal hoarding of gold.
Currently RBI has not set any limit for gold storage in bank lockers, meaning customers can keep any amount of gold in the locker. However, the bank may, when required, check whether the gold kept in the locker has been purchased legally or not and requires a bill or proof of purchase. Also, the bank cannot inquire about what is in your locker, unless it suspects something illegal.
Banking rules have changed after Diwali. Now, you will need to provide the priority list to the bank while booking the locker. This document will clearly state who will have the right to open the locker after the death of the locker holder. The purpose of this rule is to avoid disputes and legal troubles between families.
It used to happen many times that after the death of the locker owner, there was a dispute between the family members but now the first person as per the list will be eligible for the locker. If he is not present, the second name on the list will be given a chance.
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