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)

Sebastian Prakash 11 years 3 weeks ago

Gold Monitization is a wonder scheme. Meticulous planning is needed. Make laws to bring all the Gold and Valubles in Temples, Churches, Mosques to Banks and get accounted. Do not allow thieves to steal it any more. Make this as security and forward funds/loans to those religious institutions and organisations to do good work.This will increase the national credit worthiness and the financial base of India.

Like (0)

Dislike (0)

Report Spam

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.

Like (1)

Dislike (1)

Report Spam

Minesh Agrawal 11 years 3 weeks ago

Also Banks will face problems due to lack of price standardization and formal gold exchange. For inter-state purchases Central Sales Tax (CST) is liable to be levied on the transaction and in turn banks will then charge VAT to the jeweller. Gold ETFs are applicable for capital gain tax but gold saving and deposit schemes are exempted from it. It could discourage the investor to invest in Gold ETFs

Like (0)

Dislike (0)

Report Spam

Minesh Agrawal 11 years 3 weeks ago

Matching of deposits with loans would be very difficult task and banks may incur interest liability on their own shoulder Price appreciation would be another hindrance for the banks if banks are not able to match the amount deposit with loan granted and the tenor as well.

Like (0)

Dislike (0)

Report Spam

Minesh Agrawal 11 years 3 weeks ago

1. When RBI cut interest rate by some significant amount then margin on gold deposits would go down, and banks will have to bear it because they can’t reduce deposit interest rates. If govt. is going to declare Fix rates for GMS so during the policy rate changes (either cut or increase), there would be different demand from depositors and borrowers (jewellers).

Like (0)

Dislike (0)

Report Spam

Minesh Agrawal 11 years 3 weeks ago

In India, most of people don’t know much about international markets. Also gold prices in London are traded in ounce. Govt. should think about how people will behave if their gold is priced at international rates. Another issue could be due to price spread between London gold prices and Mumbai gold prices, In this the price calculation on deposited gold would be lower than the actual price in domestic market, hence depositors may be reluctant to deposit their gold on lower value

Like (0)

Dislike (0)

Report Spam

Anil Sharma 11 years 3 weeks ago

Sir, it is very good scheme & will also help in curbing black money. I would also like to suggest that the Govt. should abolish Rs. 1000 & Rs. 500 currency notes, it will not only bring out black money hidden in lockers, hawala deals, property deals etc., it will also be a revolutionary step by you to curb black money. This money can then be used by the Govt. for social welfare of poor and general public.

Like (0)

Dislike (0)

Report Spam

milan vrajlal ajudiya 11 years 3 weeks ago

VERY GOOD SKIM FOR BLECK MONY SELF DISCLOSAR . KOI AAPKO YE NAHI PU6EGA KI YE GOLD AAPNE KIS PASE SE PURCHASE KIYA, HE NA. NO IT DEPARTMENT SAY SAME, NO BANK SAY QUESTION ABAUT IT,WELL DONE PM GOOD. KEEP IT ON TO DISCLOSE BLACK MONY OF OUR NATION....

Like (0)

Dislike (0)

Report Spam

Parveen Kumar Jain 11 years 3 weeks ago

Awareness Campaign Regarding unViability an Disadvantage of Gold Vs other Asset Class shlould be Publised by Finance Ministry. 14K Gold Should be used in Jwellery instead of 22k Or 24k gold. Artificial Jewellery should be promoted to avoid use of Gold.

Like (1)

Dislike (0)

Report Spam

Melapalayam Rajagopalan Desikan 11 years 3 weeks ago

Gold Monetization scheme is it possible for third party colateral i.e., to help people who dont pocess gold but in need of money

Like (0)

Dislike (0)

Report Spam