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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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Praveen Gupta 11 years 3 weeks ago

Also i guess the issue of the impurities that a jeweller cuts when we change it gold bars is tricky one and needs to be addressed properly, if done then i guess better results or response

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murali mohanan 11 years 3 weeks ago

People may keep away from the scheme just because of the fact that return is in the form of gold bars or cash on depositing jewelry. As the jewelers are also expected to make use of the scheme, if there is a provision to redeem as jewelry by making tie-up with reputed jewelers by banks, the scheme will be more attractive for women. In fact they are the deciding factor in cases of gold matters. They can go for latest fashion jewelry after 3 or 5 yrs at their choice, that too with some gain!!

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SUDHANSHU kumar Sultania 11 years 3 weeks ago

sir,this scheme will be impratical In india.In Indian society womens has emotional touchment with her gold ornaments.it transfer generation by generation.traditional ornaments has legacy of ancesters.so,no one will show interest to deposit it in proposed scheme.kyon ki aap gold k badle gold toh denge,par same wahi gahn,jewar aap wapas nahi karenge.only 2% indian has gold as coin/bisckit

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oddula Ravisekhar 11 years 3 weeks ago

sir give high interest rates who put their gold in banks.here the problem is the person who put his ornaments does not get it back.if he wants to make it other ornament like that amount will increase to make it for him.than why he put it in banks.people will put only gold biscuits.

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Vibhuti Bhushan 11 years 3 weeks ago

We hear that lot of temples in India have so much of gold. Is it not possible for government of India to make use of that in some way so that the import of gold can be lower and save the foriegn exchange.

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priya ranjan 11 years 3 weeks ago

Gold seizes in corruption cases be made 200% taxable worth the value of gold. Make billing compulsory of all gold purchases and only hallmarked gold sales being allowed for the retailers, which can discourage purchases of unproductive assets like gold in the country.

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priya ranjan 11 years 3 weeks ago

Gold monetisation scheme should be made compulsory to all the temples, trusts etc so that it can be used for better purpose (better well being) while keeping temples, trusts financials transparent. If there is any hue & cry for temple being targeted, we can keep representative of these trusts body who can oversee the money utilisation even if it may be only towards their community. Huge kick start to asset creation like toilet, small irrigation, safe drinking water,community sewerage system

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Sitansu Sekhar Acharya 11 years 3 weeks ago

continuation from my first post....These sources of income can then be automatically feed into tax calculation software available with the taxmen. They can calculate the entire tax and then send us the tax bill. we then just have to pay the tax. No need for filling returns.

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Sitansu Sekhar Acharya 11 years 3 weeks ago

I don't know where to post this message. So i posted here. I am sorry for this but i have to tell this govt. my views on "Simplification of Tax Returns". If government really wants to simplify the tax returns, one thing it can do is to send us Tax Bills like we get electricity bill, telephone bill etc. Govt. has our PAN card and also AADHAR card. Why don't just make it compulsory to put these details on every transaction in this way Taxmen will be able to know all our sources of income.

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Sebastian Prakash 11 years 3 weeks ago

Make Chip based national ID Cards which can be used for all payments and receipts as Evalets. Identify each citizen of India. Make web based online registry with facility to up load finger print, aadhar, voterID, passport and others and this National IT Mission can take self declaration of assets and other details. Youth will pay govt and start authorised booths which will give employment for millions and make future governance easy.

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