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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)
DINESH TALIWAL
DINESH TALIWAL 11 years 2 months ago
In India for individuals, gold is a very important asset for females, come what may be, they sell their gold only when no other options to raise the money is there. This gold is unaccounted for in the books. INDIVIDUALS: gold should not be melted but banks should accept gold deposits and pay interest (as per purity of gold on MONTHLY basis and credited to their account. The value of deposit should be approx. 90% on rate of gold) It should be made attracted to attract interest in females
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Tarun Singh
Tarun Singh 11 years 2 months ago
The best way to implement this scheme is to implement it in phases. In Phase I, only private organizations, temple trusts and such institutions should be included. The advantage of this approach is these institutions do not need a lot of interest in return. Once phase I is successful, expand to small investors as well.
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Deepane Singhal
Deepane Singhal 11 years 2 months ago
The refinery which refines gold under the scheme should be a lbma approved refinery so that the gold bars are atleAst deliverable on the mcx or can be traded internationally and can be kept with rbi in lieu of it crr liability...this should not be compromised at any level.
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Deepane Singhal
Deepane Singhal 11 years 2 months ago
Xrf as a process of testing has accurate results and should be used as the preferred way of testing by the assay centres. In case of any disparity or dispute by the customer , a manual fire assay method can be done as a refree test..this will both create confidence to the customer and will also make the process time efficient and simple. The risk involved of metal being fake or tampered with also is cut down drastically..
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Deepane Singhal
Deepane Singhal 11 years 2 months ago
dear government, the gold monetisation scheme is a welcome step. For the scheme to be successful , it has to be simple user friendly and also quality and purity guaranteed. The fire essay method proposed for the testing is a very time consuming process.. If we melt gold then an xrf can determine the purity accurately and also determine whether the metal has iridium or cadmium in it and is very time efficient... Please opt for xrf assaying option for assaying as against fire assay..
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vinod kaduppadi
vinod kaduppadi 11 years 2 months ago
The Interest rate offered is too low it shall be atleast 5% , the Banks who take this deposit provides loans with no less than 10% interest to people who are in need and atleast half of that interest shall be given to the invester , then only this scheme will attract investors
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Mahesh Menghani
Mahesh Menghani 11 years 2 months ago
In my view the rate of interest offered @ 1% is too low it should be in comparison with FCNR fixed deposits further when Gold can be valued against CRR banks can take custody of Gold jewelry too and give interest at lower rate but should return the jewelry on closing the account. We understand accepting jewelry would be very difficult but option should be looked for that too.
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JATIN PRATAP SINGH
JATIN PRATAP SINGH 11 years 2 months ago
dear honorable Prime Minister, this benefit only possible for the upper middle class group. so please think about middle class and lower middle class.
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