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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)
S CHOCKALINGAM
S CHOCKALINGAM 10 years 6 months ago
The option to receive back the proceeds either in the form of Cash or Gold can be left open to be exercised at the time of redemption. Insisting that the option be exercised at the beginning will be a detergent as the depositor's preference at the time of redemption cannot be predicted early as also how he is going to utilise the certificate at a later date .For example he may choose redemption in the form of gold if his purpose is to gift to someone or in the form of cash if it is for himself.
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S CHOCKALINGAM
S CHOCKALINGAM 10 years 6 months ago
Instead of insisting that the Certificate will be issued only in the name of the gold depositor, the scheme should permit getting the certificates in the name/s of spouse, children and other close relatives (including NRIs) also - as the husband/parent/owner will be able to gift these certificates to them.
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rahul mittal
rahul mittal 10 years 6 months ago
भारत वासियों का सैंकडो टन सोना बेकार ही तिजोरियो और बैंक लोकरो में पड़ा है ।मगर जनता इस गैर उत्पादक सोने ( जिस पर कोई रिटर्न भी नहीं मिलता ) को सिर्फ इसलिए बेचती नहीं क्योंकि सुनार खरीदते वक्त अपना मोटा कमीशन काटता है।अगर सर्कार बैंक और डाक घरो की मदद से जनता से सोना उसकी पूरी कीमत दे कर खरीद करती है तो जनता भी अपना फायदा देख कर बेधड़क अपना गैर उपयोगी सोना सर्कार को बेचेगी ।और सर्कार वही सोना सुनार को बेचदे ।इससे देस का सोना आयत बहुत कम हो जायेगा ।और वही सोना बाजार में circulate होता रहेगा ।
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Ankuz Gupta
Ankuz Gupta 10 years 6 months ago
I beleive the prices of Gold will fall after such scheme. It might incurr losses to people who would have used Gold as medium for investment. Care should be taken that such people should not face heat of the scheme and more benifit should be given to people who are willing to use this tool as SIP (i.e. for investing) rather than just using this scheme for dumping their gold ornaments.
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Balasubramaniam Ramanan
Balasubramaniam Ramanan 10 years 6 months ago
Fantastic idea. I wish to utilize the scheme. It is good to take 10 percent interest on the investment annually which means i have a 10 percent profit assured on the investment i make on gold henceforth.
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Piyush Manani
Piyush Manani 10 years 6 months ago
Gold is part of life in India. Middle class peoples have conserves for ancestor and getting from parents and forefathers as in inheritances so it is difficult to give bills of It. and women wants to keep Gold in her hands to wear it on different occasions for what Govt. have to give Liberty to give it back any time to person. one more Question arises now govt. asking for Deposit after 2-3 year govt may Ask for Wealth Tax for middle class Tax payers on Gold. which should not be happen.
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RInku Bansal
RInku Bansal 10 years 6 months ago
Mostly middle class and lower middle class families purchase gold not for savings. but only for wearing purposes. hence i dont think so middle class will use this scheme.
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Ganesh Kamat
Ganesh Kamat 10 years 6 months ago
GST=1 %of sale For Rs.10L sale pay Rs.10K GST Advisable to take1% from 20 Taxpayer than 20% from One If Taxpayers=40Cr Tax collection=40L-Cr
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