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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)
Ravi Ramesh
Ravi Ramesh 11 years 5 months ago
It is the weekending of our culture to buy gold ornaments to fulfill the willing of our beloved one who in return were on an auspicious family and social occasion to show their prestige and financial status. These are humbug. I observed in West Bengal and Kerala where ladies hardly were gold ornaments for the sake avoid risk. Instead using artificial only for special occasion. The same principle should follow all over bharat and understand our real dignity with moral, education, knowledge.
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ANKIT LALIT DHARAMSI
ANKIT LALIT DHARAMSI 11 years 5 months ago
sir, this is a fab scheme help country to save lot of forex but when i see in organised market in schemes like this the rate pf interest is around 4% p.a.and if the interest amount goes above Rs 5000 p.a. or Rs 10000 p.a. the TDS is deducted @10%. if the interest rate are below 3% by govt then it will not attract investors. so it would be great if they set a minimum base rate of 2.5% and then leave it on bank what they want to offer to the customer.
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Dr Swapan Kumar Banerjee
Dr Swapan Kumar Banerjee 11 years 5 months ago
Old habits die hard, in India it hardly dies. People have been worshipping gold for ages. In temples they offer their deity gold, thinking gods love gold as much as human. Gold ornaments are displayed by women to show off their wealth. Robbers and thieves have curtailed it. So Gold Monetization is the best opportunity to have it in safe custody of Govt and earn interst on it. All intelligent investors should go for it.
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Anshul pratap singh
Anshul pratap singh 11 years 5 months ago
I think this is a good scheme to take out maximum benefit of the gold, butyou have to specify all terms and condition to the consumers and be specific about the following things: 1) Interest rate 2) Minimum period of submission 3) After the claim of maturity,the gold should be certified and standardize by the govt and bank too.
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PremkumarSJ
PremkumarSJ 11 years 5 months ago
Most of us buy gold as part of savings towards long term commitment like daughter's marriage etc. There should be a way to accumulate gold units directly by paying money ( similar to getting gold etf ) directly to the bank. Unit purchase in this purchase should be far less ( 1 gm ) since there is no overhead of physical gold involved
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SUNIL KUMAR KHETAN
SUNIL KUMAR KHETAN 11 years 5 months ago
1-Nomination Fascility, 2-At the time of taking back gold from Bank, pl mention a standard size & wt including (Purity & quality certificate)
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AKSHAY BHATNAGAR
AKSHAY BHATNAGAR 11 years 5 months ago
Ye ek achhi scheme hai. Iske dwara gold ki credibility badegi aur gold market me ek naya trend shuru ho jaega, gold kharido aur bank me dal ke biyaj lo. Isse humari janta ko bhaut fayada hone wala hai. Aur sarkar ko asal me gold ke statistics banane me madad bhi milegi. Meri shubhkamnayein hain iss draft ke sath. Dhanyawad.
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DILEEPKUMAR R
DILEEPKUMAR R 11 years 5 months ago
Very nice scheme, I have some quires & suggestions (1) What about diamonds? (2) Through net banking, can we know the status? (3) Gold should deposit only through biometric security.
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AMEET B BHURARIAA
AMEET B BHURARIAA 11 years 5 months ago
no questions should be asked for gold deposits upto Rs.30 lacs as many people have their family gold & any enquiries by tax authorities will only lead to scheme failure. Interest rate should not be more than 4% or else people would buy gold from market & invest in this scheme
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