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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)
pradeep Shah
pradeep Shah 11 years 1 month ago
On 26-4-15 in his speech Maan Ki baat Respected PM Mr Narendra Damodardas Modi emphasized on MAYLA MATHE PE DHONA (carrying dirt on head). The phrase was headline in each and every NEWS of the day. Is He really concern about this and made provisions of reservation in LOK SABHA, RAJYA SABHA, STATE VIDHAN SABHA, MILITARY etc etc etc ...... Such reservations are in place in other aspects of life. Respected PM Mr NARENDRA DAMODARDAS MODI SIR do you have explanation or just a speech.
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Chander Duggal
Chander Duggal 11 years 1 month ago
Good efforts. Scheme must be encouraged by the citizens. However valuable suggestions will improve the scheme. Congratulations to the Government for innovative initiative.
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Satishchandra Bharadwaj
Satishchandra Bharadwaj 11 years 1 month ago
To let the Gold Monitization Scheme mark a success, it is essential that the gold deposits in banks are not left to be solely managed by banks. BANKS ARE KNOWN TO MANAGE THE AFFAIRS MERELY FOR THEIR OWN PROMOTIONAL OPERATIONS. PEOPLE'S TRUST WILL BE TREBLLED IF THE MATTERS RELATING TO PROPOSED GOLD DEPOSITS IN BANKS ARE MONITORED BY UNION MINISTRY OF FINANCE/RBI. TRUST IS THE BASIS OF SUCCESS OF THIS SCHEME.
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Vikas Jain_9
Vikas Jain_9 11 years 1 month ago
As the Gold Jewelry will be melted and turned into biscuits, bricks, the customers should be given some rebate/discount on Making charges which they can use on buying jewelry in future.
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Vinay Gupta_3
Vinay Gupta_3 11 years 1 month ago
The main objective of this scheme is to minimize the gold import. But this scheme can never achieve this goal. I think there must be following steps taken by Government to achieve the goal: 1) Ban on the all banks and financial institution to issue Gold Loan. This will reduce the attraction of people towards gold. 2) There must be less tax on gold jewellary. Jewellers charge 4% tax on demanding bill for gold purchase. So,to save this almost 98% of gold is sold without bill. This must be 0.5%.
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SURENDRA MEHTA
SURENDRA MEHTA 11 years 1 month ago
We have amnesty scheme for VAT, Service tax, stamp duty. Why can't we have amnesty for gold declaration. When govt can regularise hutment colony , why can't they regularise undeclared gold. Don't give any interest for 8 years under this scheme but don't question source. Allow 50% borrowing at 12% interest on gold deposited. Return gold after 8 years . This will eliminate all accomaction entry in market. If we don't have to import gold for next 8 years, our import bill will reduce by 20 lacs cr.
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B N Thyagarajan
B N Thyagarajan 11 years 1 month ago
To make the household comprising upper.middle,lower class to effectively participate ,please direct Banks to sanction loan against gold certificates at ROI lower than the loans against physical gold jewellery to help them to tide over their cash flow mismatch.
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