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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)
Prateek Trivedi
Prateek Trivedi 10 years 6 months ago
The scheme is not attractive enough. To make it attractive government should 1)increase the rate of return. It is very lowly 1 to 2 % currently. It should be at least 4.25 per annum(more than saving account rate of 4 pc pa) to compete with savings a/c. 2)Minimum deposit should be reduced from 30 gm to 10 gms( one tola) 3)Scheme should be extended to other metals like silver and platinum. 4)Melting the metal gold is a big turnoff. Deposit should be in jwellery format
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Satishchandra Bharadwaj
Satishchandra Bharadwaj 10 years 6 months ago
It would be in the fitness of the things that the Government, with a vast expertise at its command, should have it explored as to how, in what way and to what extent, the proposed gold deposits shall be put to some National cause. ONCE CONVINCED THAT THEIR 'SPARE' GOLD DEPOSITS WITH THE BANKS WOULD SERVE SOME NATIONA CAUSE, THE RESPNSE OF THE PEOPLE WOULD BE BEYOND ANY IMAGINATION.
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Satishchandra Bharadwaj
Satishchandra Bharadwaj 10 years 6 months ago
One must appreciate that when gold carries a special bond with the people in our country, to inspire them to part with it would require a 'reason with value'. INDIAN FAMILIES HAVE HISTORY OF JUST DONATING GOLD FOR A NATIONAL CAUSE, WITHOUT AN IOTA OF INCENTIVE, PUTTING BEHIND THEIR OWN INTERESTS. SO, IT IS ESSENTIAL THAT THE GOLD MONITIZATION SCHEME ENUMURATES AS TO IN WHAT WAY WOULD THE GOLD DEPOSITS SERVE ANY NATIONAL INTEREST.
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om singh shekhawat
om singh shekhawat 10 years 6 months ago
Dear sir Consider.. 1 lower the limit of gold from 30 gm to 15 gms atleast for participation of rural india 2. Give one more option in addition to gold coins as TAX FREE INFRASTRUCTURE BONDS with a promised higher rate of return 3 the scheme can be connected to finance RIVER LINKAGE like if some area of a state wants to get canal water then they should give gold to finance it. 4.in case of poor response the scheme may be linked to pension to deposited after a fix tenure. Thanks
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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.
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vishal wahi
vishal wahi 10 years 6 months ago
gold agar aap chahte hai bank mai jma ho toh fir apko 7 % intrest rate + security provide krni hogi. Os security ke lai koi charges nhi lene.
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Abu Toyab Mondal
Abu Toyab Mondal 10 years 6 months ago
This is an important step and hope this will end import duty 10%. As a result of high import duty, gold are coming from various route in the black market. Trust, temple, mosque can earn some money in this process. This is benificial for both gold owner and country. Rupee will be stronger in the international market.
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SHIVRAM G KRISHNAN
SHIVRAM G KRISHNAN 10 years 6 months ago
people buy gold ornaments at high making charges from the jewelers. so if the banks melts all the ornaments, people will again have to spend money for making charge at end of deposit period..
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Sangeetha Subbiah
Sangeetha Subbiah 10 years 6 months ago
#GMS 1. Proposed minimum quantity of gold to be set at 30 grams is very high.If the minimum quantity is set to 30 grams, this scheme will not be useful for a normal lower middle class people who uses gold for financial crisis. 2. Melting charges could be set low for upto 100 gms.If for 100 to 200 gms the amount is set to Rs 600, upto 100 gms the amount could be reduced from Rs 500 I think.
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