Big problem for many: The RBI draft says that borrowers (you) must prove they own the gold used as collateral for a loan. You need to submit the Bill copy ! If you don’t, you can sign a declaration stating the gold belongs to you. No loan should be given if the ownership is doubtful. If you try to pledge more gold, You need to submit the income proof, if not this will help income tax department to crack down. You might face serious penalties from IT