GOVERNMENT OF INDIA
English language

Home | MyGov

Accessibility
Accessibility Tools
Color Adjustment
Text Size
Navigation Adjustment
Screen Reader iconScreen Reader
Menus
Sticky Menu

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.

Reset
Showing 566 Submission(s)
Milind Pandit
Milind Pandit 10 years 6 months ago
The draft scheme looks fine. Indian females will never part with their jewllery. Govermnet needs to allow individuals i.e. residents as well as NRI's to bring in gold for the purpose free of duty.
Dislike (0)
Reply
Report Spam
CA Anil Podhuval
CA Anil Podhuval 10 years 6 months ago
This is a good step to utilize the wealth which is frozen in gold ornaments.Please give more clarity on Income Tax issues, that may affect the acceptability of this scheme by Urban population. The capital gain arising out of this deal should be exempt from Income Tax. In such a situation, more and more citizen will definitely be interested to join the scheme.
Dislike (0)
Reply
Report Spam
Amit Srivastava
Amit Srivastava 10 years 6 months ago
This is an appreciable idea of this government. I am sure people will interestingly participate in this. We keep our gold in bank lockers with involved risks. While if the same will be with the governmen giving benefits to the owner of that gold, that will help people. No mean to store gold just for future planning with no current productivity. More gold in the marketplace will surely strengthen India.
Dislike (0)
Reply
Report Spam
manoj garg
manoj garg 10 years 6 months ago
Here we need to understand that the gold is present in different forms such as gold coins or jewellery etc. As well as there are different sources such as common people jewellery business man , trusts and different temples. The gold stored here is a form of black money but we cannot deal it as a pure black money so we should not imply a heavy tax on these sources but ask them to circulate this gold in economy via various channel such as bank fixed deposit, issue of gold bonds
Dislike (0)
Reply
Report Spam
manoj garg
manoj garg 10 years 6 months ago
Gold is the second major item that import apart od the crude oil. This is an item which is in enormous mass in india but still we have to import. So if we are able to ciculate the gold which is present in india in different forms in our economy. The import of gold reduce very much it will not only reduce our current account deficit but also circulate the black money Which is in form of gold in india. Here black money refers to money which is not coming in economic circulation
Dislike (0)
Reply
Report Spam
pradeep Shah
pradeep Shah 10 years 6 months 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.
Dislike (1)
Reply
Report Spam
Sumit Gupta
Sumit Gupta 10 years 6 months ago
http://www.marketexpress.in/2015/05/finding-the-fair-value-of-interest-rate-on-gold-deposits.html Main points:- a) cost of making jewellery is significant (at least 4% of the market value of gold). This can resist jewellery owners from melting their gold. b) Allowing gold to be deposited as CRR could be a significant move. c) Depending on the modalities of the incentives (w.r.t to CRR/SLR), banks might be in a position to offer 2.5 to 4% interest rate.
Dislike (0)
Reply
Report Spam
Sankaran Gopalan
Sankaran Gopalan 10 years 6 months ago
We can also do as america has done during the times of financial crisis. Actually back in the american history president asked his fellow americans to give all their gold and silver to him in order to curb the problem of rescissio. All the gold was collected at fort knox and full security is also provided but no one knows whether the gold is still there or not. But american dollars infulence on world economy depends upon the gold in fort knox. But actualy no one knows if the gold is still there.
Dislike (0)
Reply
Report Spam
kushagar kashyap
kushagar kashyap 10 years 6 months ago
We can also do as america has done during the times of financial crisis. Actually back in the american history president asked his fellow americans to give all their gold and silver to him in order to curb the problem of ressecion. All the gold was collected at fort knox and full security is also provided but no one knows whether the gold is still there or not. But american dollars infulence on world economy depends upon the gold in fort knox. But actualy no one knows if the gold is still there.
Dislike (0)
Reply
Report Spam
Sticky Menu