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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)
Varadarajan_1
Varadarajan_1 11 years 2 months ago
6). Will breaking the period attract any penalty?? Its not mentioned anywhere. 7). Will the interest be compounded annually if say the customer opts for a continuous tenure of 3-5 years? 8). Will the gold valuation be done by assaying centers directly setup by government or banks having tie-ups with assaying centers either directly setup by government or government approved centers.
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VIKRAM KUMAR
VIKRAM KUMAR 11 years 2 months ago
Good idea. Need PSU Bank MOU that they will keep these ornament safe. No any income tax should be on such interest. This will allow the government o know White money in form of Gold. Also you can ask religious societies, temples, mosque, Gurudwara, Church and etc. to declare their revenue in any form and deposit their Gold without interest. Make a small department on such precious metal. It will benefited in public faith and optimum market flow.
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Varadarajan_1
Varadarajan_1 11 years 2 months ago
3). There should be various denominations available, say minimum(2gms - 5gms) when the customer wants the deposit back in terms of gold 4). There should be an option for the customer to get the scheme continued in the form of e-gold and relevant certificate to be provided with proper certification of the gold to the fraction. 5). Option should be available to change the redemption mode(whether in gold or in cash component) after every year.
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Varadarajan_1
Varadarajan_1 11 years 2 months ago
Few points which I would like to see in the draft 1). Interest rates should be slightly higher(currently its set very low as 0.75% to 1%) and the minimum interest should be prescribed by the government/RBI and not leave it to the banks to decide. 2). At the time of maturity, if customer wants it to be returned in gold, will it be BSI hallmarked or swiss assayed). Also will be it given back in 22 carat or 24 carat gold.
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Abhijeet Uchagaonkar
Abhijeet Uchagaonkar 11 years 2 months ago
Great idea India...keep it up. waiting for launch and hope so we do not depend upon import. We have our own domestic gold in plenty...
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HP JALAN
HP JALAN 11 years 2 months ago
bank should also inform the gold saving account to the collection center /custodian preferably digitally online. There should be common data base among collection center, bank, customer, custodian and Borrower.
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HP JALAN
HP JALAN 11 years 2 months ago
Some unique No like PAN or Addhar should be used along with the proof of address/identity (KYC) at the time of collecting the gold by the collection center and not later at the time of opening the gold account at the bank. The identity of the customer be clear before accepting the gold.
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