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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)

Subha Satapathy 11 years 4 weeks ago

There should be option to get interest either in the form of money or in the form of gold. So at the end of a year, the person will get either money or gold worth 3-4% of his deposit as interest.

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Prashant George Varghese 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 having the right to refuse or accept - I do not thnk this can go well with a general population. 2. Customers would not like to go to a purity testing center, a smaller purity testing arrangement can be made at banks. 3. Encourage people to invest in Gold linked funds, this gives them all benifit of investing in gold at the same time curtailing grey/black markets

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Parin Hemendra Turakhia 11 years 4 weeks ago

I think it's a very nice initiative taken, really appreciate it. I would like to suggest some practical idea's, as lot of gold now a days is held in paper form(Gold ETF), as per the latest figures from moneycontrol the value of which is more than 8000cr, even in the depressed market. Gold ETF are the easiest to be transferred to GDS which doesn't require 1. Purity testing 2. Melting of jewelry 3. Easy to store value 4. Easy option, in transfer to Govt and Govt to jewelers.

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Anand Agrawal_2 11 years 4 weeks ago

To make one India.... Gov must do one thing to make one India free from Casteism, Religisim,Reservation and So on is that make mandatory Intercast Marriage for Goverment jobs....

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Shikher Jandyal 11 years 4 weeks ago

Temples in India have lots of wealth in form of gold so a high level committee headed by H'ble FM himself should be formed and these temples should be persuades to deposit their gold deposits in banks and a higher rate of interest should be given. Also BJP has 100 million members along with 282 MPs' so they can encourage people to put the gold at their houses to be deposited in banks under a scheme which can be called as "Swarnim Bharat"

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TILAKRAJ ABROL 11 years 4 weeks ago

GOLD is an idle asset with people and mostly it is only bought and hardly sold because of lust and loss of making charges.JEWELLERS ARE ONLY GAINERS.Sizable population in old age,particularly of hostile progeny want opening for seamless transfer of gold assets into bank credit in cash .Design ways to create official facilities in all areas including mobile vans etc. for such people to offer their holdings for melting refining and evaluation upto a weight for outright purchase by RBI etc .

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TILAKRAJ ABROL 11 years 4 weeks ago

Regarding gold monetisation first suggestion:make it mandatory for all shrines(all faiths)to surrender gold/silver valuables excluding those adorning the Diety at and around sanctum sanctorum through designated Trusts to RBI for melting/evaluation and creditvalue plus 10-20% to Bank account of that shrine for utilisation to develop facilities etc.NO Tax implications and No further risks of theft/security/loot by modern Mohammed Gauries should remain.FX with RBI will also add comfort by this.

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Vasudevan_2 11 years 4 weeks ago

I do hope that Ministry of Finance will look into the suggestions / views expressed by the people in this forum so that this Gold Monetisation Scheme will yield the desired result for both the govt and the individuals since the several gold monetisation schemes that have been launched in the past, have failed as they offered low interest rates to the investors — in the range of 0.75 to 1 per cent.

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anandswamy 11 years 4 weeks ago

Though its not a new idea, It still is a great idea considering the facts - 1. 800-1000 tonnes of import every year(India truly IS "sone ki chidiya" that it ever WAS) 2. Its impact on Fiscal deficit. The greatest hurdle I see is people willing to have their gold ornaments melted ? The draft says "right in front of the customer the jewellery will be melted and through a fire assay, its purity will be ascertained." People with gold in the form of bars or coins might agree on the incentive

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Vasudevan_2 11 years 4 weeks ago

Instead if the customer exchanges even 1 gm less of Government issued buillion from any bank from the weight of any jewellery in any of the jewellery showroom inside India, this waiver should not necessarily be made available. That is, if the customer exchanges 24 gms of Government issued buillion from any bank for 25 gms of jewellery in any of the jewellery showroom inside India, this waiver should not necessarily be made available.

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