English language

Home | MyGov

Accessibility

Accessibility Tools

Color Adjustment

Text Size

Navigation Adjustment

Screen Reader iconScreen Reader

Economic Affairs

Sort By :

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.

See Details Hide Details

All Comments

Reset

Showing 566 Submission(s)

Patel Rohitkumar Kantilal 10 years 6 months ago

Gold shall be allowed to be deposited in form of Ornament. If not, scheme will not be getting the desired results. Our most of the gold are in form of Ornament and not in Coin or Palates. By this way, each one would be able to contribute in the scheme.

Like (0)

Dislike (0)

Report Spam

Raghavendra_23 10 years 6 months ago

we can do this like who ever want to buy gold can go to a bank open up a gold account & make the payment for what ever gold he /she wants to buy may vary from 1 gm to 10 gm ,which will be in account for that bank will give interst . because in india gold is brought only as saving (for their daughters marriage ,they will start buying gold at early stage )where use of the same will be very less if this kind of schemes are brought in then defenatly the import of gold can reduced

Like (0)

Dislike (0)

Report Spam

Sunil Kumar_84 10 years 6 months ago

It is a good idea to mobilize the idle gold in the country and put it into productive use. And also they can earn interest income on their idle gold holdings. Hope government will do more to reach this type of news to ordinary citizen. Many banks will not take interest to inform it customers about this type of Useful information.

Like (0)

Dislike (0)

Report Spam

Vijayakumar Jaganathan 10 years 6 months ago

All Public sector schmes on giving gold can be converted into Gold Bonds instead of giving gold after successful completion of service. This will reduce the import of gold. This will overcome the lack of morale with employees who have been denied the entitled gold after successful completion of service of 10 years, 20 years, 30 years or at the time of retirement due to the recent of order of central government particularly Petroleum and Natural Gas. This way they can be motivated with nil import

Like (0)

Dislike (0)

Report Spam

Amit Srivastava 10 years 6 months ago

The Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 and the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement (Second Amendment Bill, 2015) have been uploaded on the Lok Sabha Website (http://164.100.47.134/committee/othercommiittees.aspx). But the aforesaid link is not opening. It shows "The Problem may be due to 500 Server Error/404 Page Not Found.Please contact your system administrator"

Like (2)

Dislike (0)

Report Spam

Anshul Singh_3 10 years 6 months ago

Most of the people invest in gold as investment for future use in marriage of their children or as security which one can use in time of scarcity.This scheme completely ignores this class and make it compulsory for everyone to buy gold from open market and then give it in this scheme.The scheme should have a provision that if some one wants to buy gold for investment ,they can buy gold directly from the scheme and keep it as deposit there. Hope the government keeps this in mind.

Like (1)

Dislike (0)

Report Spam

santhi RK 10 years 6 months ago

Majority of the people in India need Awareness about any scheme and must make them to understand via Media Adds.,Like SB Account people can allow to open SB Ac for Gold.when ever they need they can take with minimum deposit of some grams. During deposit of Quarterly,Half-yearly, Annually Interest amount may be remitted by the Bank.safety,Accountability, Nation can hold some gold deposit.

Like (0)

Dislike (0)

Report Spam

VISHNU YADLA 10 years 6 months ago

Gold donations to temples across India (Major hurdle is people are addicted to tradition & values, So if we allow a DEVOTEE purchase gold certificate without submitting KYC form, which can used instead of physical gold & deposited in temple without breaking the traditional values of the devotee) Existing temples traditions do not permit to deposit/surrender their GOLD to govt institutions, Need to penetrate the system & break the silos from inside the temple management for future growth

Like (0)

Dislike (0)

Report Spam

VISHNU YADLA 10 years 6 months ago

Need to have all GOLD related transactions handled by the financial institutions directly at the doors of GOD, because mostly there is pilferage/misuse in the existing system

Like (0)

Dislike (0)

Report Spam

VISHNU YADLA 10 years 6 months ago

Gold used as financial security once bride joins her husband (Need to provide assistance such as gold cert/interest cert without KYC submission on bride name)

Like (0)

Dislike (0)

Report Spam