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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)
HP JALAN
HP JALAN 11 years 2 months ago
# OBJECTIVES- GMS applies to Household. It should be Indian Citizen. Household in India can be Non-residents. It should apply to any legal entity instead of institutions. There may be Institutions which are not legal.
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Tom Chethipuzha
Tom Chethipuzha 11 years 2 months ago
It is good idea to deposit gold and get interest for it,in order to get good response from women and ornament industry,government should introduce some caching point.Most women like changing gold ornaments regularly,banks could arrange with jewellers and let them lease some ornaments to depositors for short period(2 weeks)and use the interest money pay for the lease to jewellers.Similarly banks should take cash deposit and arrange ornament lease for function such as marriage instead of buying.
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Aniket_12
Aniket_12 11 years 2 months ago
4get whats gone. Rather than going thru all this expensive hassle of setting up gold collection centres/assaying/melting/recasting is to offer gold bonds. These gold bonds will essentially be gold itself but in paper form. Indians mainly want to buy gold for security purpose so they can buy bonds. If they later wish to convert the bond to physical gold for jewelry, they can exchange it at any jeweler for equivalent quantity of physical gold. By this at least future gold imports can be curtailed.
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nikhil dhruv
nikhil dhruv 11 years 2 months ago
The refineries should at least be provide with 0.75% of value of Gold as processing fees as they carry the maximum responsibility on their shoulder to honor the assay reports of AHMC as well as deliver the right quality of Gold with no negative tolerance on weight as well as purity.
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nikhil dhruv
nikhil dhruv 11 years 2 months ago
KYC should be mandatory under the scheme but the source of funds may not be investigated if the scheme has to be made successful.
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nikhil dhruv
nikhil dhruv 11 years 2 months ago
What happens when the stolen gold gets submitted to A&HMC and later to refineries before it gets deposited to the bank? This was the problem posed by bullion merchants here in Ahmedabad, who purchase URD gold and later the police come with a handcuffed man pointing finger at the merchant. Here merchant will be three, the AHMC. Refiner and later Banks. Who will bear the brunt?
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Aniket_12
Aniket_12 11 years 2 months ago
Xrays being high energy particles, they cannot be used to measure purity because they can only detect the surface material and cannot penetrate inside. If non-invasive purity assessment of gold bars & coins needs to be carried out, ultrasound is the best way. Tungsten has the same density as gold but since it is harder, speed of sound is much higher in tungsten than gold so any attempts at embedding worthless tungsten and coating it with thin layer of gold to beat Xray/acid tests can be foiled.
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mohit saxena
mohit saxena 11 years 2 months ago
this is a very good scheme indeed.but I want to give my concern that it is very much possible that people having black money may convert it into gold and than deposit the same through this scheme bypassing tax authorities.so I want that government has to tighten the rules on new gold buying .so that these type of people may get noticed.
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DINESH TALIWAL
DINESH TALIWAL 11 years 2 months ago
Temples/masjid which deposit their gold with banks, should never be given back but interest calculated on value of gold should be credited to their account to tun daily expenses of institutions. Since, gold is donated by Indian only They cannot ask for gold in return, Rate of interest must be high for such institutions
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