New Delhi, May 12 -- Prime Minister Narendra Modi recently urged citizens to avoid buying gold for the next one year, saying the country should focus on reducing non-essential imports and strengthening the economy. The statement has once again brought attention to gold ownership rules in India, especially as gold remains one of the most preferred investment and savings options for households.

The PM's call assumes significance, especially as gold remains a safe haven asset and a hedge against market volatility, inflation and economic uncertainty. Apart from that, gold is a preferred savings and investment option for many Indian households.

While there is no specific legal cap on how much gold can be held by a person in bullion or in jew...