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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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Showing 566 Submission(s)

Ramakrishnan Padmanabhan 11 years 2 months ago

Currently Banks are not allowed to trade on Exchanges. How can Banks deliver gold on exchanges when exchanges have contract specifications of LBMA Bars to be delivered

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ABHISHEK LADDHA 11 years 2 months ago

Culture of 14-18 carat gold jewellery When we look at outside world, people there are comfortable using 14-18 carat gold. We can opt for the same scheme and it can help us not only save huge money for our self which in turn can be used for better child education, home and other necessities but will also result in huge savings for our country's important foreign exchange.

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ABHISHEK LADDHA 11 years 2 months ago

Hope this gold monetization scheme pave way for unlocking of huge gold that is being kept idle in wardrobes and bank lockers. Hope this scheme is a win win for both government and people investing in this scheme. Thank you Govt. of India, Finance ministry, Commerce ministry for this scheme.

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ABHISHEK LADDHA 11 years 2 months ago

To all the people of India Buy gold only for wear purpose. For investment purpose, please opt for financial options that not only offers better returns but also help country in big way. Our investment in gold makes rupee undervalue and hence making daily use items more expensive like petrol and diesel which in turn causes inflationary pressure in every thing we use

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sham sunder 11 years 2 months ago

Gold monet/As per report it seems the gov has drafted too complicated scheme.Simple version should have been to deposit cash equivalent to price of gold. The money collected can B invested in other correlated physical(metals) being imported by MMTC for trading and financial instruments thus generating better yields. money can be given 2 railway 4 devlopment who have large inventory of steel which is correlated with gold price. UTI gold fund is giving 7pct return. Hence requires reformulation

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ABHISHEK LADDHA 11 years 2 months ago

Also request government to come out with policy on gold exploration, I believe there is still tonnes of gold in this ancient "Sone ki Chidiyaa". Deep sea exploration can be one of the option.

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ABHISHEK LADDHA 11 years 2 months ago

Great move to harness the idle lying precious yellow metal in country. Hope this scheme will cover gold lying idle at temple shrines too. also request people of India to not to offer gold at any temple, if you want to offer, please offer money directly or help poor directly. This will save millions of hard earned dollars and serve the purpose too.

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Biju Baladevan 11 years 2 months ago

In south India there is lots of families have lots of investments in gold for their Girl child marriage .Its a dead investment for years and using it for only one day and wasting lot of money for making all the ornaments .If there is attractive system introducing for gold investment and it would be great benefit for the Nation and the people .Please make sure this should not make any loss for common people those who are making 1 gram from labor work

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Seema Parihar 11 years 2 months ago

Policy shall follow tenet- Govt for the people by the people. General man shall see tangible benefit My view- 1 After purity checking Gold quantity and that days market value be certified. 2 That quantity Gold be kept by Banks as FD equal to that day's market value. 3 The rate of Gold to be announced periodically & equivalent FD value be revised like MF. 4 Interest be paid by banks periodically in INR as per other INR FD rates. 5 Gold of same quantity be returned after agreed period.

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sanu varghese 11 years 2 months ago

its great... its a great move to save our hard earned foreign money. May the government take some more step to reduce the interest in the people for using gold too. In this way we can promote public transport and light vehicles for saving petro dollar too. hats off..

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