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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)
JITENDRA KUMAR CHOPRA
JITENDRA KUMAR CHOPRA 11 years 1 month ago
Normally there is 15%-18% making charges of Jewellery. When depositers are willing to lost making charges to earn interest ,there should be a higher interest rate
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JITENDRA KUMAR CHOPRA
JITENDRA KUMAR CHOPRA 11 years 1 month ago
Central Govt should first decide the Gold Melting & Assaying Policy and Review it throughout the year so that Refineries can get credited teh rating as per international norms. India has only only one LBMA credited refinery till today. What a surprising fact. India hold 22000-25000 tonnes gold , but we have only one refinery that have international standards.
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JITENDRA KUMAR CHOPRA
JITENDRA KUMAR CHOPRA 11 years 1 month ago
Market Price of gold is also a major doubtful story .Govt Should clarify how to Judge/Calculate the market price. International or MCX or Local jeweller Which price
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RAJEEV BHANDARI
RAJEEV BHANDARI 11 years 1 month ago
The way small deposit value under 1 lac is covered under insurance if deposited as fixed deposit in banks and cooperative banks, similarly the Gold monetized up to value of 5 lacs should be given free insurance from government to make interest scheme on gold monetization.
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Pravin Kulkarni
Pravin Kulkarni 11 years 1 month ago
Draft scheme to discuss: a) Separation and Incentive to use Gold for industrial purpose b) Development of gold product industry apart from testing centers c) Encouragement to Recycling Industry of the Gold within the country d) Economics for Jewelry consumption, lower making charges, lower transaction charges, Draft should study benefit to gevernment from the turnover of large volumes & employment generation
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Satishchandra Bharadwaj
Satishchandra Bharadwaj 11 years 1 month ago
This fact must be accepted without reservation that such an innovative initiative will go down well with the people only if they feel convinced that the gold deposited with the Banks under this Scheme will not only be just a change of place. ALL THE INCENTIVES APART, SENSE OF SINCERITY SHALL WEIGH HEAVILY ON THEIR MIND.
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Anchit Agrawal
Anchit Agrawal 11 years 1 month ago
1. Review clause for redemption and provide for changing the option of cash/gold later on also. 2. Word bank have used all along in the draft. Include NBFC's also like Muthoot Finance which is well established in this field. 3. Lecuna: Scheme will not fetch people having jewelry as making charges paid at the time of purchase upto 15% will get wasted.
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Satishchandra Bharadwaj
Satishchandra Bharadwaj 11 years 1 month ago
There is need for close monitoring of Gold deposits with the Banks under the GM Scheme by the Union Finance Ministry / RBI, leaving only periphirals at the discretion of the Banks. PEOPLE WILL FEEL ATTRACTED TOWARDS THIS SCHEME ONLY IF THEY FIND IT :- (1) SAFE & SECURE; AND, (2) UNDER THE POLICY DRIVEN SOLELY WITH INTENT OF GIVING THE ECONOMY DEVELOPMENT ORIENTED PUSH. THEY SHALL NOT PART WITH THIS PRECIOUS POSSESSION, OTHEWISE.
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Hemant Prasad
Hemant Prasad 11 years 1 month ago
Not sure if its already there, but would like to share few suggestions to tackle psychology of people in India: 1. When someone deposits gold, tag it with current market price and pay interest. 2. Irrespective of rate fluctuation, the person MUST be able to withdraw equal qty of gold at anytime, because some people see Gold reserves as timeless investment and hence keep at home. 3. Make it explicitly clear from Finance Minister's press conference that Tax Authorities won't go after people
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