Share your views on Draft Gold Monetization Scheme

Share your views on Draft Gold Monetization Scheme
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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rohit sharma 4 years 2 months ago

we also need to bring temple trust holding huge piles of precious metals / stones at their end as they are neither able to spend/use neither it is coming to any use of people of India. if god is saviour & father/math or for all then offered wealth to him should be used for welfare of public. I believe GOD will be most happy in getting the best use done of the offering for serving the mankind his most precious creation. In olden days temples used to setup universities schools etc. for progress of the people. religion also has duty towards nation building, only those religion are considered good whose nations people are well & prosperous. let put India before god.

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HITENDRA GULHANA 4 years 3 months ago

launch gold deposit schemes in bank ....like as muthood finance .
banks give interest against gold ....for 1 month ,3 months 6months 1 year ,2 years ,3 years .
2nd loan against gold .

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Sashwata Sur 4 years 5 months ago

Purpose of this submission is to expand the scope of Monetization through a “National Jewellery Exchange” to rent, exchange or sell jewellery backed by the security of personal gold deposits, pledged with banks, even in its original jewellery form.

It will give ladies choice of contemporary fashion and variety for special occasions at marginal costs and generate income for all.

Note Attached.

#DraftGoldMonetizationScheme, #GoldMonetizationScheme, #GMS, #MinistryofFinance, #MyGov

500
Subramania Guruswamy 4 years 5 months ago

Dear Sir, I am attaching my comments. High point is Govt. should allow banks/refineries, especially MMTC/Pamp to buy gold from the public and sell or loan them to jewellers.
Thanks & Regards