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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)

varun bhatt 11 years 1 month ago

Sir,just want to ask one question.our govt is doing efforts under swachta abhyan,but how to change mentality of piblic. Its very irritating when some one spits in front of us and we can't do anything..what shall we do in such cases.? If this continues to happen then swach bharat will remain dream only.

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lalit kumar singh 11 years 1 month ago

very forward looking initiative by government.my suggestions are - 1.inclusion of gold in jewellery form also. 2.receipt of gold purchase shouldn't be compulsory given our age old tradition of having gold and it's passing on to next generation. i know the scheme which is at place by government is rational in principle.but,considering huge amount of gold in jewel form available in country,only considering coin and bullion will not serve the purpose significantly.

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Venkata Subba Rao Punnavajhala 11 years 1 month ago

Excellent scheme. Indians may have a lot of hitherto undisclosed gold (ancestral,etc.). Add some features in the scheme to unlock it without the person disclosing it fearing any persecution or investigation as a one-time measure. This will bring a lot of money into circulation.

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Deepak Kumar Sahoo 11 years 1 month ago

I will suggest to have a communication to the Income tax site (incometaxefiling.com)as in the existing communication system we can only ask for the assessment order where as raising the query is resulting into the forwarding of the old communication details from CPC Bangalore - income tax not the recent computation details.

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Gaurav Jain_9 11 years 1 month ago

It should be like any other account, where on callable basis customer can withdraw the Jewellery when he needs and balance will be reduced in the Metal account. Interest on the Jewellery stored idle will excite people to put them in Bank. Since most of the Banks offer Loan against Gold Jewellery, the storage will not be a problem for them. Thus, gold will get converted into cash and Banks can borrow based on the Gold held in the Metal accounts of the customers; just like any other cash deposit.

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Gaurav Jain_9 11 years 1 month ago

I would like suggest that if you are proposing the gold to be melted and then stored, it will not be an effective scheme again because people would not like to melt their Gold. There is cost associated with making of the Jewellery which is a loss to the customers. I would propose if you modify this scheme wherein Banks will keep Gold as it is, i.e. in Jewellery form after obtaining the purification certificate. Customer will have balance in the metal account based on the purity.

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Milind J wadkar 11 years 1 month ago

Gold Monetization scheme 1)Govt.can also give loan against this scheme instead of interest for business purpose for youth. after clearing gold loan amount. regular interest can be appicable. 2)After completion of scheme when investor make jewelry second time form coin/ bar they will get VAT exemption from jewelry shop.

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JITENDRA KUMAR CHOPRA 11 years 1 month ago

Gold soverign Bond Scheme should also be launced with GOLD Monetization scheme , so that citizen can invest in bonds rather than physical gold.It reduce the import marginally

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JAI PRAKASH VYAS 11 years 1 month ago

GOLD MIS SCHEME-ABOUT GOLD ASSET-THIS IS A SPECIAL TYPE OF ASSETS AVAILABLE WITH ALMOST EVERY FAMILY OF NATION.THE ASSETS IS UNPRODUCTIVE FOL ALL.NO ONE GET ANYTHING ON POSSESSION OF ASSETS.GOLD MIS SCHEME-EVERY BANK/FINANCIAL INSTITUTION ACCEPT GOLD AS DEPOSIT AND GIVE MONTHLY INTEREST SAY @ 9% PA TO DEPOSITOR IN THEIR BANK ACCOUNT. BENEFIT OF SCHEME--LARGE AMOUNT OF ASSETS COME TO MARKET.-EVERY INVESTOR GET INCOME FROM HIS UNPRODUCTIVE ASSETS.-GOVT GOLD RESERVE INCREASE.-ECONOMY BOOST UP.

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KRISHNAN RAJU NAIR 11 years 1 month ago

I heard that in the draft proposal its talking about melting the gold jewellery and if required can take gold bar while closing the scheme. In India, people buy gold mainly with a purpose of marriage. It will be better, if the scheme have an option of not melting it and crediting the account with 70%-80% of value for interest like gold loan mechanism. This will help more people to join, who does not want to lose the ornaments.

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