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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)

S Ravindran 11 years 3 weeks ago

Loopholes which needs to be plugged. Source of gold should be enquired. Appears, anybody can show identity proof and melt any amount of gold, from wherever obtained and by any means,and convert into deposit. Ideal route for converting black money into gold Deposit, frustrating Govt attempts to unearth black money. Source of income / IT Returns need be obtained. Gold beyond Rs 50,000 need be accompanied by PAN. Gold Deposits beyond Rs 5,00,000 should be repoerted to the Income Tax Dept.

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pradeep Shah 11 years 3 weeks ago

On 26-4-15 in his speech Maan Ki baat Respected PM Mr Narendra Damodardas Modi emphasized on MAYLA MATHE PE DHONA (carrying dirt on head). The phrase was headline in each and every NEWS of the day. Is He really concern about this and made provisions of reservation in LOK SABHA, RAJYA SABHA, STATE VIDHAN SABHA, MILITARY etc etc etc ...... Such reservations are in place in other aspects of life. Respected PM Mr NARENDRA DAMODARDAS MODI SIR do you have explanation or just a speech.

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Laxminarayan Shenoy 11 years 3 weeks ago

SUNDAR RASTA..Beautification of Roads with foot path. Let Corporates,Clubs,Individuals sponsor 300 to 500 mts of road in all cities with foot path. There should be compitition among sponsors with prizes.City corporation should assist the sponsors. INFOCYS has done in Mangalore. Roads are the Shaan of the city development..

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Praveen jain_3 11 years 3 weeks ago

Gold as an investment in india is more sentimental and however it is majorly in the form of ornaments rather than the pure form so depositing daily use jewellery is highly impossible Moreover a very small section of the society have their jewellery declared in their returns so the point of accountability also plays a major role

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Anil Jaiswal 11 years 3 weeks ago

Moreover, this scheme should be made available as easy as any other normal thing, i.e. there should not be any formality, just like we go to jweller's shop n buy gold.

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Anil Jaiswal 11 years 3 weeks ago

In India people in rural areas are more habitual to keep gold and its very hard to teach them about gold monetization, govt should spend its resources to make those people aware about the benefits of the same..but they will not understand import export and CAD etc..govt need to tell then that how they people will be benefited with the scheme.

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ARVIND KANOONGO 11 years 3 weeks ago

It is very good scheme .

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Joymalya Chakraborty 11 years 3 weeks ago

It's a factor on which the Export - Import balancing factor depends ! Just Crowdsourcing ! Overshooting the usage of untapped negative energies and it's transformation into something positive at economies of scale growth is the Sustainability " Every Day Enhancing Value " .. Well planned

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somen mukherjee 11 years 3 weeks ago

The gold monetization scheme being a sensitive subject beside being the socio-economic class indicator has to be thought and dtafted with care- my tips-1)every household must declare anything above than 500 gm's of gold holding. 2)every religious sentiment trust must declare & deposit all their holdings as its being the public property.3)gold bank for the purpose must be created & gold credit bond with piriodical revaluation should be issued.4)gold holding should be linked with equity trading...

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Amit Srivastava 11 years 3 weeks ago

The Prime Minister Shri Narendra Modi ji will address the nation in the next series of ‘Mann Ki Baat’ on 31st May 2015. But till date there is no link available on mygov.nic.in for this 8th episode of 'Mann Ki Baat'.

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