The plethora of laws and amendments that Modi goverment has brought since last few days has paved way for some people to spread rumors only to aim at making people anxious and panic in this situation. No doubt the laws have been proved a cause of sweat on the forehead for corrupt officials and marketeers but those who have their incomes disclosed can take a sigh of relief.
The jewellery bought through disclosed income and that which has been an ancestral possession is out of danger zone. No tax will be imposed on the inherited jewel bank of yours according to the amended I-T ACT.
I-T Department also said that the gold jewellery would not be ceased if the extent proposed by the law is obeyed. The extent has been set 500 grams for married woman, 250 grams for unmarried woman and 150 grams for males.
So it is a transparent, clear process and the rumours have to be sidelined to let the process go smoothly.