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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.

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Showing 566 Submission(s)
Pankaj Mahidhar
Pankaj Mahidhar 11 years 3 weeks ago
The scheme needs to be implemented soon before the anxiety of it dies down. It should be free fear in the mind of people wanting to participate that they could be investigated later. Although I believe individuals are not the target but hoarders of unaccounted wealth and large religious institution who receive donation in gold are or should be the target. If they bite and contribute it would bring the price down for genuine occasional buyers and also save precious FX.
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JAGDISH PATHAK
JAGDISH PATHAK 11 years 3 weeks ago
According to the draft scheme of Monetisation, One precaution is more preferable in respect to shortages of gold at the time of melting, though,it should be before CCTV camara,but, the reconciliation of gross weight= melted pure gold+ waste, if the west is found more than 15%, special report for cause of high shortages and was should be kept with the documents. Corruption and manipulation of gold by BIF contract staff or by management staff of institution of company is possible.
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Sudipto Chakravorty
Sudipto Chakravorty 11 years 3 weeks ago
I suggest something invaluable. With some of this gold which you have procured from the public with the money schemes, buy some foreign machines for new technology. you can buy out some profit less business from europe or japan (germany, france, or japan).. and start new home industry for electronics. will also give some jobs for my fellow btech guys. secondly you can melt some of the gold and using recycling put them back and forth on electronics and ornaments.
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Abhijith surendran Nair
Abhijith surendran Nair 11 years 3 weeks ago
#MinistryofFinance What about the gold bought earlier which doesn't have BIS hallmark when that was not compulsory. That type of gold will also be in large amount. So if that gold is not considered the projeC won't be much effective as per the calculations
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ARUN GOPI
ARUN GOPI 11 years 3 weeks ago
The scheme also helps in boosting the economy through more fund availabily.It also helps to transfer idle gold asets to income earning capital and working assets.
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ARUN GOPI
ARUN GOPI 11 years 3 weeks ago
The scheme is very helpful for households as it helps them to keep their gold and ornaments in safe custody and also helps them in earning penny.
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T Ramasubramanian
T Ramasubramanian 11 years 3 weeks ago
Fix ceiling on land prices across India. Digitise all land records and put it on the web site citywise & statewise. Promulgate ordinance on buyers that Land & Construction cost to be shown separately. Do not charge Stamp duty or VAT on construction as materials already suffers GST. Reduce the stamp duty on purchase of old flats. All builders has to compulsorily register with Govt and file IT returns.
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SUBHASH CHANDRA MALLICK
SUBHASH CHANDRA MALLICK 11 years 3 weeks ago
We have emotional attachment with GOLD, people wear gold not for glory or pride but also it has some scientific reason over our body. More gold are not needed for body but also a ring is required for us. but it is strange we are using nonstick cooking items and maximum ornaments.
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