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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)
shruthy v s
shruthy v s 11 years 1 month ago
Sir gold monetization scheme is an innovative idea to deal with idle gold in the hands of the depositors.Regarding the interest rate there should be clarity as to whether the interest rate is based on the existing market value of gold or on the bank rate.If loans are advanced on the basis of the price of gold ,it will look good in the present circumstances but a downward trend in gold prices will have a negative effect on the interest rate as well.But an interest rate fixed on bank rate will
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JUZER_1
JUZER_1 11 years 1 month ago
My analysis of the Gold Liquidation and the fight against black money is that the government is telling all the people that all the black money can be used to buy gold which can be freely deposited into gold accounts on which no tax of any sort has to be paid. Is bad in Law.Scheme is only for the wealthy who the government cannot ask to pay tax or file their income tax return at all. It is a shame how such scheme are framed when schemes for poor farmer is not also veted or heard.
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Thakur Das Daryana
Thakur Das Daryana 11 years 1 month ago
Gold bonds, under the Proposed Gold Monetization scheme may prove to be the best alternative to the dead investment in yellow metal. It will help the national economy. Indian gold coin with Ashok Chakra is another grand idea of validated gold currency.
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SANJAY KUMAR_63
SANJAY KUMAR_63 11 years 1 month ago
GOLD SCHEME SHOULD BE HIGHLY LIQUID, SECURE,ORNAMENTS SHOULD BE AS IT IS. HERE LIQUID MEANS THAT THE PERSON CAN RECEIVE BACK WHEN IT REQUIRE, SECURE MEANS GOLD SHOULD BE SECURE AS POST OFFICE SCHEME SECURE. IT SHOULD BE IN THE HANDS OF CENTRAL GOVT DEPARTMENTS NOT WITH THE BANKS. AND LAST GOLD SHOULD BE REMAIN AS IT IS. NO MELTING PROCESS AS GOLD ORNAMENTS ATTACHED WITH TRADITIONAL FAMILY EMOTIONS.
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Raghuraman K
Raghuraman K 11 years 1 month ago
Gold monetization scheme will work in India only if the govt does not melt it. Here is the alternative. = Govt of India, pledges jewels to a financial insti, and gets 50% of worth as loan. = This Loan is used by IN GOV. GOV pays 8% interest and principal to financial insti & 3% to end person. if loan is not repaid, GOV replaces jewel with bullion gold and returns jewels to end user. End user can be paid say 2% or 3% as interest instead of 8%. This will work, as the end user gets back jewels.
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BHARATH KUMAR
BHARATH KUMAR 11 years 1 month ago
I read the document fully The objective of bringing out household gold out is not going to to happen because of MELTING OF JEWELLERY IS NOT ACCEPTABLE BECAUSE OF PEOPLE'S MINDSET. ..... so change the draft to deposit jewellery and get monthly interest on it......
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