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Share your views on Draft Gold Monetization Scheme

Share your views on Draft Gold Monetization Scheme
Start Date :
May 19, 2015
Last Date :
Jun 02, 2015
17:00 PM IST (GMT +5.30 Hrs)
Submission Closed

The Finance Minister in his budget speech for the Union Budget 2015-16 made the following announcement: “India is one of the largest consumers of gold in the world and imports as ...

The Finance Minister in his budget speech for the Union Budget 2015-16 made the following announcement: “India is one of the largest consumers of gold in the world and imports as much as 800-1000 tonnes of gold each year. Though stocks of gold in India are estimated to be over 20,000 tonnes, most of this gold is neither traded, nor monetized. Keeping this in view, the government in Budget 2015-16 has announced the Gold Monetization Scheme which will replace both the present Gold Deposit and Gold metal Loan Schemes. The new scheme will allow the depositors of gold to earn interest in their metal accounts and the jewellers to obtain loans in their metal account. Banks/other dealers would also be able to monetize this gold”.

Accordingly, a draft outline of the Scheme has been prepared. Comments and views are invited on the Draft Gold Monetization Scheme.

Draft Gold Monetization Scheme (The outline of the Gold Monetization Scheme placed below is only at the draft stage and is being placed here to obtain public opinion. The scheme as it stands at this stage, does not imply any commitment from the government)

The last date to share your views is 2nd June, 2015 by 5:00 p.m.

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Showing 566 Submission(s)
Vasudevan_2
Vasudevan_2 11 years 1 month ago
That is, if the customer exchanges 24 gms of Government issued buillion from any bank for 24 gms of jewellery in any of the jewellery showroom inside India, this waiver should be made available. Since this being the Government issued buillion its value should also be high and unique.
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Vasudevan_2
Vasudevan_2 11 years 1 month ago
More Attractions: To attract the depositor to avail the maturity under this scheme in the form of gold buillions, the following are suggested for implementation, if possible, at a later date. a) If any customer exchanges this particular Govt issued buillion from any bank for the jewellery in any of the jewellery showroom inside India, then that jeweller should waive off all the extra charges which is being charged apart from the weight of the jewellery ie.wastage,making charges should be waived.
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Vasudevan_2
Vasudevan_2 11 years 1 month ago
Uniqueness in Buillion: The maturity, which is paid in the form of gold buillions of 22 ct should attract the depositor for which the same should have unique features and oneness irrespective of fact it is issued by any bank, since the buillion will be from Govt. If required, the issuing bank may affix their name in the circumference of the buillion, as is being done in the Medals given to the personnel of Armed Forces, if possible.
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Vasudevan_2
Vasudevan_2 11 years 1 month ago
Privilege on Maturity - Govt has already announced that the maturity may be in the form of cash or buillion. It can also extend another privilege for the depositor who avails the maturity in the form of buillion. The privilege being that he may choose the gold buillion of 22 ct of his own choice of gms, i.e 1 gm, 2 gms, 3 gms, etc.
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Vasudevan_2
Vasudevan_2 11 years 1 month ago
f) Maturity amount - if he wishes to avail the maturity amount in the form of cash and/or Maturity Gold (in gms) - if he wishes to avail the maturity in the form of gold buillion of 22 ct.
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Vasudevan_2
Vasudevan_2 11 years 1 month ago
b) Whether he wishes to avail the maturity in the form of buillion or cash. Of buillion, then denominations of buillions (in gms) - this is for the purpose if he wishes to avail the maturity in the form of varied denominations (in gms) of buillions of his/her own choice. c)whether deposit is in the form of jewellery or buillion. d) Total weight of the jewellery (in gms). e) Interest Rate - if he wishes to avail the maturity in the form of cash
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Vasudevan_2
Vasudevan_2 11 years 1 month ago
4) Interest Rate - If he wishes to availd the maturity in the form of cash. 5)Maturity Amount - if he wishes to avail the maturity in the form of cash and / or maturity gold (in gms) - if he wishes to avail the maturity in the form of gold buillion of 22 ct. Mode of Acknowledgement - This may be named as Gold Deposit Receipt. This may be in the form of Fixed Deposit Receipt whereas it can also contain the following details apart from the other normal details. a) Period of Deposit
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Vasudevan_2
Vasudevan_2 11 years 1 month ago
Gold Deposit should be made by way of application form for GOLD DEPOSIT SCHEME. This form should contain: 1) Period of Deposit, whether he wishes to avail the maturity in the form of buillion or cash. 2) If buillion, then denominations of buillions in gms - this is for the purpose if he wishes to avail the maturity in the form of varied denominations (in gms) of buillions of his/her own choice.3) Whether deposit is in the form of jewellery or buillion. 4) total weight of the jewellery (in gms)
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Vasudevan_2
Vasudevan_2 11 years 1 month ago
Re-certification for purity of gold should not be insisted for jewellery/buillion which has either 916 mark or BIS symbol so that charges incurred on this by the bank may be saved. Likewise, re-certification for purity of gold in respect of buillions of 22 ct should also not to be insisted upon.
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Vasudevan_2
Vasudevan_2 11 years 1 month ago
If jewellery/buillion worth 100 gms is deposited for one year the maturity should at least be 108GMS, considering the wastage, hallmark, dye,making & wastage charges paid while purchasing that 100gms of jewellery/buillion of 22ct gold.This gold deposit scheme may be treated as FD With varied period as that of cash deposits.Gold Deposit Scheme may be for varied period from 1to5 years with interest rate of 8% to 10% under cumulative scheme with interest amount paid in cash OR bullion.
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