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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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Satishchandra Bharadwaj
Satishchandra Bharadwaj 11 years 1 month ago
In the Indian context it has to be better understood that Gold, whatever its quantity, even lying 'idle' with the people is treated as 'asset' which would, presumably, stand in good stead should an eventuality happrn to arise. IN THIS CONTEXT, IT BECOMES ALL THE MORE IMPORTANT THAT PEOPLE FEEL THAT THIS UNIQUE POLICY WOULD NOT FAIL THEM, LEAVING THEM IN THE LURCH. ONLY A UNIQUE MECHANISM FOR A UNIQUE INITIATIVE WOULD BE ABLE TO WIN PEOPLE'S TRUST.
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Satishchandra Bharadwaj
Satishchandra Bharadwaj 11 years 1 month ago
The proposed Gold Monitization Policy should attract each one and everyone, apparent enough as to how the Gold deposits with the banks concerned will contribute to the development journey of the country. THE COUNTRYMEN MUST BE AWARE AS TO HOW THE PROPOSED GOLD MONITIZATION POLICY WOULD ENSURE THAT THE GOLD WITH THE BANKS WOULD NOT LIE 'IDLE' AS IT DOES IN THE HOUSE-HOLDS. SINCERETY OF PURPOSE MUST LIE HIGH ON PRIORITY.
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Anand Srivastava
Anand Srivastava 11 years 1 month ago
really good thought of Indian government.. we will definitely deposit our gold.. the minimum limit of gold depositing should be 20 or 25 grams... thanks...
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Satishchandra Bharadwaj
Satishchandra Bharadwaj 11 years 1 month ago
To ensure the proposed Gold Monitization Policy a success, it is imperative that it be embeded with salient features that instantly win trust of the people at large. THE PROPOSED GOLD ACCOUNTS SHOULD LOOK LIKE MONEY DEPOSIT ACCOUNTS IN THE BANKS, AND TREATED THAT WAY.
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Sunanda Bal
Sunanda Bal 11 years 1 month ago
sir, this scheme is bound to fail as ornaments is week point for women.more over there are lot of money spent on making charges and if ornaments are melted there will be a hige loss and on top of it there is processing fee for melting gold .the interest rates are not attractive and future rate of gold is uncertain considering this I doubt if any response will at all be generated.A similar scheme in past was total failure.there should be another alternative not melting the ornaments .
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Varadarajan_1
Varadarajan_1 11 years 1 month ago
9). Is there an option to have multiple gold deposits of smaller denominations(says 50 gms each) using a single account, so that when a need arises, only few of them can be redeemed as against a single deposit. 10). Will there be a mandate by the govt. to have these accounts available online for viewing?
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