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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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VISHNU SHANKAR SRIVASTAVA 11 years 2 months ago

To take proper consideration of different trust of temples, gold kept in various temples may be monetize for economic, industrial growth & development of our country.

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VISHNU SHANKAR SRIVASTAVA 11 years 2 months ago

After taking proper consideration of different trust of temples, gold kept in various temples may be monetize for economic, industrial growth & development of our country.

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Manish Mehta 11 years 2 months ago

Does anybody have link to DRAFT outline of scheme.

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satender kumar gautam 11 years 2 months ago

my view 1. are their should be no cap on Minimum quantity of gold . 2. bank should also give interest on jewellery and it should not be dismental . this will increase the gold deposites with the governments to large extent. 3. For opening gold savings account . gold deposited in any from should be treated as final and the value of gold will be decided on front of individul 4. no tax should be applied on individual this will boost the gold deposite with bank and government .

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lakhwani Mukesh 11 years 2 months ago

I think this is the first time in the World " GOLD IS MAKING MONEY " It is the biggest Revolution since Independence. Our PM proved Sir Warren Buffett (The God of Business and one of the richest man in the world) wrong. once Sir Warren Buffett said Gold is not good investment as compared to land because land can be used as agriculture or for earning rent gold cannot earn anything and u have to pay for security lockers but First time in the world gold is making money.heaven on earth.

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Parikshit Bhargav 11 years 2 months ago

But what about the tonnes of Gold kept in various temples across India, Why not Government take all Gold kept in those temples under its custody, if done so, India will no more be a poor or a developing country in coming days, can remove poverty from the country, if its the property of the God, then no one has the power other than the Government of India to take decision on this issue, if God would have being here, he would have invested his whole property for the betterment of society.

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Somarajan Nair 11 years 2 months ago

Conversion of dead stock into income based deposit is a good idea. But the problem facing by common people specially in state like Kerala is the increasing passion on gold wearing and status identification on volume of gold. Marriage become heavy expensive due to the demand and requirement of gold. There should be a limit in wearing and holding of gold by a person.

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Rohit Srivastava_2 11 years 2 months ago

1. Individual will not prefer to melt jewelry. 2. Good for Temple Trusts/ Large holder of Gold only. 3. Nothing has been mentioned how the gold will be valued, if user want to have interest in terms of amount. 4. Govt can also, think of scheme to provide intensive to the jewelers for making jewelry out of using second hand/old gold ornaments from the market, this will reduce gold import demand.

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Rahul Vinod 11 years 2 months ago

This is a very good scheme.however,its only simple in theory,and very hard to implement.the main reason for this scheme being almost "impractical" to implement is that it allows the banks to melt the deposited jewelry into gold bars.but,actually,the people are obsessed with both the value and design of jewels. So,the Govt. should instruct the banks either to not melt the gold,or re-melt the gold into its original design when the depositor wants to retrieve it.

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RAVI KUMAR KALRA 11 years 2 months ago

1. A huge quantity of gold held in the farm of black money. Govt should plan some means to take out that. Holder will be afraid of legal action by disclosing. 2. This scheme will be possible only for the standard gold which is available in the farm of coins minted by banks or standard bricks/biscuit/bars to avoid lots of other involvements and problems.

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