GOVERNMENT OF INDIA
English language

Home | MyGov

Accessibility
Accessibility Tools
Color Adjustment
Text Size
Navigation Adjustment
Screen Reader iconScreen Reader
Menus
Sticky Menu

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.

Reset
Showing 566 Submission(s)
Vinay Choudhary_1
Vinay Choudhary_1 11 years 2 months ago
Respected Authorities, The idea of the scheme is great enough.But in India the main idea behind purchasing gold is following a tradition. Thus in many culture the gold is used as ornaments which is molded in different shapes. and every person wants to retain the design of the gold. hence to depository cannot use that gold for commercial purpose. My question is will this scheme also help people having possessed of ornaments???
Dislike (0)
Reply
Report Spam
Sanjay Kumar_62
Sanjay Kumar_62 11 years 2 months ago
It's good scheme since main objective being welfare of the fellow countrymen by increasing the Govt spending on its projects and reducing the import of gold to control its deficit which are really good. when we see through consumer perspective, we indians, value gold more than money. GMS by itself is the question on the people mindset. Therefore scope of the scheme should be reckoned based on the fact that it will be win win situation for all interested entities/Govt/consumer.
Dislike (0)
Reply
Report Spam
Manoj Khade
Manoj Khade 11 years 2 months ago
Superb Scheme. Lockers mainly used today for Safeguarding hard earned Gold. I request interest to be paid in the form of fixed deposits for a Girl Child for her higher education.Chinta Mukta Bharat.
Dislike (0)
Reply
Report Spam
SUJAN BEHARI ROY
SUJAN BEHARI ROY 11 years 2 months ago
Jewelers has to maintain cash book and all dealings to be given receipt mentioning PAN number. At present there may be incentive to consumers for revealing the quantity of gold he/she have and may be allowed to gift for marriage/other function for a certain quantity except for his /her daughters even then he/she has to mention the articles given as gift.
Dislike (0)
Reply
Report Spam
ANUBHAV AGRAWAL
ANUBHAV AGRAWAL 11 years 2 months ago
Gold monetisation scheme is indeed a revolutionary step towards consolidation of our Trade Deficit By curbing our Gold Imports.Three major things if Implemented stringently will bring applauds. j 1) Our renowned Temples who are carrying Tonnes of gold should be taken into confidence and Gold certificate should be issued for the purpose carrying Market Rate of Gold.Priest would even dont mind for conversion into biscuits as the quantity is intact. 2)No Capital Gain Atleast upto 300 grm.
Dislike (0)
Reply
Report Spam
Sanjay Kumar_62
Sanjay Kumar_62 11 years 2 months ago
@Manish Mehta, I respectfully agree to some of your points in attached file. I couldn't see through the objectives of some of your points. It would be better if you had justified your points more clearly or how did you arrive to conclusion on each point as to why GMS need them.
Dislike (0)
Reply
Report Spam
S PRASAD MACHIRAJU
S PRASAD MACHIRAJU 11 years 2 months ago
It is an excellent scheme to bring back gold into main stream of economy otherwise it will become unproductive.rate of interest should follow fd rate for one year deposits .say if the one year deposit rate is 8.5% , for gold deposit it should be atleast 6% to 6.5% otherwise the scheme may not be attractive for individuals.For temple gold,govt/banks can follow a different rate.If the gold deposit crosses say 500 gms, then the rate of interest should be around 3% and it should be same for persons
Dislike (0)
Reply
Report Spam
gowri antharjanam
gowri antharjanam 11 years 2 months ago
sir, registration of gold in the possession of everyone is the prerequisite. while a ten thousand rupee worth twenty year old vehicle or a five thousand worth barren land needs registration, tax and record keeping, millions worth of gold goes without record. there begins the story of unaccounted money.
Dislike (0)
Reply
Report Spam
Jubak Saxena
Jubak Saxena 11 years 2 months ago
Gold monetizations scheme is a promise of budget 2015-16 and a good source for resource mobilization. The issue is when people will submit gold with the banks and receive interest rate, the banks will submit to jewellers at a higher rate of interest. Again the people will purchase and this never ending cycle will result in increasing the price of gold. A stage will seem to appear that gold prices are soar high and people will stop investing and keep it to hedge against inflation.
Dislike (0)
Reply
Report Spam
Sticky Menu