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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)
Sangeetha Subbiah
Sangeetha Subbiah 11 years 4 weeks ago
#GMS 1.There could be a gold buying scheme from government to buy the gold from public.At times of financial crisis if people would like to get bulk amount immediately,people will sell the gold/gold ornaments.They would not go for this current Gold Monetization Scheme as it gives the benefits later 2.Wastage while buying the jewels is of considerable percentage of gold.So,people who goes for gold jewels loan scheme will not prefer this Gold Monetization Scheme due to its melting process.
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Dinesh Gupta
Dinesh Gupta 11 years 4 weeks ago
#MannKiBaat Twitter 2h Kotha.Butchikotaiah @Butchikotaiah 'PM's 'Man ki Baat' inspired by Rahul Gandhi's youth dialogue' http://www.oneindia.com/india/pm-s-mann-ki-ba 'PM's 'Man ki Baat' inspired by Rahul Gandhi's youth dialogue' http://www.oneindia.com/india/pm-s-mann-ki-baat-inspired-by-rahul-gandhi-
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dilip agrawal
dilip agrawal 11 years 4 weeks ago
1.the process of melting jwelary must be reliable. some times such schemes unsucessful to corrupt officials they using govt policies to cheat public. 2.It may not be possible to give very high interest rate but it must be a rate at public feel its benefitial to deposit their gold to mearn some money. 3. maximum amount of gold stored in indian peaple is since hundreds or more years they have no qany bill or purity certifickets. 4.some of gold in forms of historical coins should not melt.
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Sumit Gupta
Sumit Gupta 11 years 4 weeks ago
"Redemption: • The customer will have the option of redemption either in cash or in gold, which will have to be exercised in the beginning itself (that is, at the time of making the deposit). " q.) Why the need to exercise at the beginning of the deposit? In case there is a concern that the bank may not be able to source the gold at maturity, can the depositor not make that decision, say one month prior to maturity, rather than at the beginning of the deposit.
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Patel_2
Patel_2 11 years 4 weeks ago
1 - Interest rate for Gold deposit should be near about PPF and EPFO interest rate 8.5 to 8.8 % per annum. 2 - Minimum qty of deposit 10 gm 3 - what ever Gold coin sale by bank must be taken return against deposit.
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pradeep Shah
pradeep Shah 11 years 4 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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ankit maniyar
ankit maniyar 11 years 4 weeks ago
govt may try to make double benefit to public at large : 1 ) Interest at subsidies rate on gold deposit bond. 2) give exemption under/sec 54EC in IT act to the investor who has capital gain. It helps to investor to dump their fund in gold
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sabir syed
sabir syed 11 years 4 weeks ago
Hi, The scheme must be made more easier to comprehend and implement... 1. The concept of melting jewellery and then the person/company/trusts/socieities having the right to refuse or accept - I do not thnk this can go well with a general population & ppl would not like to go to a purity testing center, a smaller purity testing arrangement can be made at banks itself. 2. Rate of interest should be atleast 5/6 percent per annum and payable either in cash or in goldform either 6monthlyorannualy.
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Subha Satapathy
Subha Satapathy 11 years 4 weeks ago
There should be other option for deposit like gold double scheme where at the end of the tenure, gold's doubled. At maturity there should be ease of liquidation say interest is gained is 1500, the person can demand gold worth 1000 and cash worth 500.
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