English language

Home | MyGov

Accessibility

Accessibility Tools

Color Adjustment

Text Size

Navigation Adjustment

Screen Reader iconScreen Reader

Economic Affairs

Sort By :

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.

See Details Hide Details

All Comments

Reset

Showing 566 Submission(s)

JITENDRA KUMAR CHOPRA 11 years 2 months ago

For the success of this scheme one range of people ( like those who deposit within 100 gms ) shoule be exempt from all taxation and also declaration of source of gold.

Like (2)

Dislike (0)

Report Spam

SREENIVASULU KOYA 11 years 2 months ago

Assuming 20000 tons of Gold in India looks very rich in terms of Foreign Exchange reserves point of view. But in reality how it will come to Government hand to show the world we are in a position to handle CAD and do business with other nations in the world. This scheme looks interesting in terms of bank point of view. People view is that Buying gold jewellery, it may help whenever there is financial uncertainty in the country. Gold can exchange for new value of goods instead Currency

Like (0)

Dislike (0)

Report Spam

JITENDRA KUMAR CHOPRA 11 years 2 months ago

There is no clarity about Source of the gold . Also Govt should assure that in future no Tax should be levied retrospectively.

Like (1)

Dislike (0)

Report Spam

sachin_29 11 years 2 months ago

As govt will be distributing this gold to the jewellers, and the loan should be given to those jewelers who have GOLD DEALER LICENCE NUMBER as this will help govt to find the genuine old jewelers otherwise every citizen will become jeweller in order to take this loan.

Like (0)

Dislike (0)

Report Spam

Hemant G 11 years 2 months ago

There should be a proper mechanism for the measurement of value of gold from customer. And interest paid should be ideally more than usual SB account interest to attract customers. Jewelry should also be taken as Gold deposit as people have lot of jewelry rather than pure Gold. that should also allow people to replace the gold with equal quantity at any given point atleast with certain no. of times in a year. that makes people to keep jewelry and earn interest as well.

Like (1)

Dislike (0)

Report Spam

Satishchandra Bharadwaj 11 years 2 months ago

The nitty-gritty of the Gold Monitization Policy needs to be deeply gone into by the Government with all the expertise at their command. It needs to be framed in such a way that the country gets the best without hurting the sentiments of the people. THE AIMS AND OBJECTS OF THE POLICY SHOULD INSTANTLY INSTILL A SENSE OF CONFIDENCE IN THE INDIAN PSYCHE.

Like (1)

Dislike (0)

Report Spam

Satishchandra Bharadwaj 11 years 2 months ago

Like (0)

Dislike (0)

Report Spam

Satishchandra Bharadwaj 11 years 2 months ago

There can be no two opinions about the fact that Gold is a presious metal not only in India but the world over. In India, as an additional factor, the yellow metal is very dear to the hearts of all segments of of each and every strata of Indian society. AND, HISTORY OF ANSCIENT INDIA IS FULL OF INSTANCES WHEN THE INDIAN PEOPLE DID NOT THINK TWICE BEFORE PARTING WITH THIS PRESCIOUS POSSESSION OF THEIRS FOR A NAGIONAL CAUSE.

Like (0)

Dislike (0)

Report Spam

susil kumar 11 years 2 months ago

SIR.THERE IS NO SPECIFICATION THAT GOLD TO BE IN ACCOUNT OR UNACCOUNT. JEWELLERS MAY ALSO ALLOWED TO GET DEPOSIT,UNDER GUILDLINES & LICENCEE FROM RBI.

Like (0)

Dislike (1)

Report Spam

Saumitra Mittal 11 years 2 months ago

There is no clarity if the investment to Gold deposit account is safe and guaranteed by GOI. FD's are not safe if the bank goes bust. If an individual chooses to get the investment back in Gold/Cash after a year or period of deposit, what is the risk in case bank goes bust?

Like (1)

Dislike (0)

Report Spam