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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)

Bhaskaran Vazhuthanayil 11 years 1 month ago

I suggest to introduce a GOLD BANK system where Gold Monetization Scheme also could be implemented. In addition to this this bank should loan gold for wedding not more than 100gms. People should be restricted to use not more than 100gms during the wedding. Those who use more than 100gms should be caught under law. This will eradicate the mishaps resulted due to dowry system. Dowry is prohibited in the country, but little effect has been achieved. Thousands of families are suffering due to dowry

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Karthik Jayaraman 11 years 1 month ago

Along with gold monetization, pl introduce an 'ewaste to wealth' scheme as well. Ewaste contains several precious metals incl gold, extracting which can save gold import. The infra for collecting and processing ewaste in India is very informal. Introducing an ewaste capturing and processing scheme will formalise this, give better value to citizens and reduce gold import.

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Karthik Jayaraman 11 years 1 month ago

Different standards keep coming up for Gold eg 916, KDM, Hallmark etc as a result of which the customer always gets shortchanged when turning in the gold today. If we turn in KDM gold, we are told we need Hallmark, for example. The assaying centres therefore need to show the purity in a transparent way and not just say that non hallmarked gold will be automatically discounted.

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MD FARHAAN AHMAD 11 years 1 month ago

Its a good idea but we need to look into more compulsive idea of introducing profit maximization on gold deposits based on international rates.This could allow risk sharing initiative among government and masses.This could lead to more economic literacy and venturing into more space of market filled by people.Risk Sharing could be good initiative to cut short NPAs or indulging from it.

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Satishchandra Bharadwaj 11 years 1 month ago

The gold has its own unique and substantive value for the people and the Government, providing to both the entities the sort of financial stability they require. It is only in the best of prudence that sensing the unique value of this unique metal, both the people and the Government seek to 'manage' to the best of their interests, the latter, in a broader way in the best of National interests. AN IDEA NEEDS TO BE FRAMED UP AS TO HOW TO KEEP NATIONAL INTERESTS OVER INDIVIDUAL INTERESTS.

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raj kumar daga 11 years 1 month ago

THE DRAFT SCHEME IS GOOD,IMPLEMENTATION SHOULD BE SIMPLE-NO WORRIES FROM IT DEPT,WT DEPT ETC AND NO QUESTIONS SHOULD BE ASKED ABOUT SOURCE OF GOLD ETC.INTEREST RATE SHOULD BE ATTRACTIVE.

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Satishchandra Bharadwaj 11 years 1 month ago

The fact that most of the estimated 20,000 tons of gold in India is lying just like that, should not be found astonishing given the fact that the yellow metal is nothing short of 'sacroscant' for an Indian family, though its capacity to own it would differ. THE GOLD IS ALSO SEEN TO STAND BY ITS OWNER IN TIMES OF ADVERSITY. THAT BECOMES ALL THE MORE A REASON TO TRY TO HAVE IT IN A QUANTITY POSSIBLE.

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AMRSH KUMAR ABHAY 11 years 1 month ago

great idea

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Umesh rai 11 years 1 month ago

In my opinion it is very good step taken by Govt. But rules should be clear and very simple, as general public is innocent,not so knowledged and so informed. Few things should be very clear:- how safe is gold depositing, how much interest will be given, when i will take beck gold what will be procedure. will ornament deposited will be kept sealed and safe, whether it will be insured, etc. If all this are address well than this scheme will be a great success.

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Prabhakar V Kamurthi 11 years 1 month ago

Great Idea & execution will be grt challenge to govt, but should give more clarification on rate of interest and process of melting gold for depositing with bank.

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