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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)
JAGDISH PATHAK
JAGDISH PATHAK 11 years 1 month ago
It is welcome step and essential for development of conuntry,if the black money come in to flow of economy.It will be success, if,no inquiry will be made upto some level of investment in gold mone. scheme.The black money can be very much difficult to justify and prove as black money, years and years will passed by action against black money. this is good scheme if properly implemented.
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JANI BASHA SHAIK
JANI BASHA SHAIK 11 years 1 month ago
My suggestion points to gold monetization scheme is... 1) public money may be no stuck in gold buying root, when government can be encourage to public for invest in gold equity funds. 2) provison loans facilities to public from they have gold deposits in banks. Then they are easily solve they have money problems from gold deposit loans. 3)government pass rule to public bought gold's in buying time link PAN number in every ouns/gram gold buying.
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Madan Mohan Gupta
Madan Mohan Gupta 11 years 1 month ago
since the source of the gold is not asked, some body can buy the gold from open market from cash (black money) and can deposit in the bank. he will be able to whiten his black money with out paying income tax. Most of the people do not have receipts of the jewellery, they have, then it will be difficult to prove the source of the gold. if you ask for the proof of the source, then people will hesitant to bring the gold to the bank. To make it successful,some quantity exempted from source require
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SUBRAMANIAN C RAMANARAYANAN
SUBRAMANIAN C RAMANARAYANAN 11 years 1 month ago
Indians are really sentimental, including myself, in possessing ancestral heirlooms right from printed books to clothes to jewels. Our sentiments should be respected and the scheme should never be made compulsory.
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Ashish Jitendra Mehta
Ashish Jitendra Mehta 11 years 1 month ago
In the said draft the Clause II is missing, also there is no clarity about source of gold (Receipt). I think the Draft should mention clearly about the process for source of gold being deposited.
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ketan satnalia
ketan satnalia 11 years 1 month ago
The loss in refining etc. of gold can not be made good by the depositor after it decides to take back the gold on maturity. The jewellery making charges will be exorbitant, in comparison to the gain of 1 or 2 percent. The poor people who are forced to take loan from gold loan companies might be interested in this scheme. others will keep away.
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ketan satnalia
ketan satnalia 11 years 1 month ago
Moreover, RBI should lend its gold to jewellers via banks so that they also do not import the gold. But the existing gold gets converted in jewellery and exported. Other way to contain import is to restrict the amount of stock in trade by jewellers and opening of new shops. new shops are mushrooming, which in turn keep large stock, which is extra burden on imports. rates of interest should be reasonable, not 1% or 2%. people do not like to take trouble for such small gains.
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ketan satnalia
ketan satnalia 11 years 1 month ago
The scheme is going to be doomed. Same bureaucratic jargon has been proposed. Who will waste his time of 4 hours and so much uncertainties involved about honesty and integrity of testing centres. I had suggested that simple account with cash deposit should be made and the amount should be linked to the gold rate of that day. after the maturity investor will get the gold on the basis of rates of that day. This will ensure that no more gold is purchased by the public. so, the demand gets reduced.
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SUJEET_2
SUJEET_2 11 years 1 month ago
Sir, I really appreciate the Abhiyan started by the government but there should some facility or dustbin would be there in order to clean our society/country but the Same has not been provided in the society then how any body can dream for Swach Bharat abhiyan.
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