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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.

Showing 566 Submission(s)
sarvesh kesarwani
sarvesh kesarwani 10 years 2 months ago

देश हित्त में एकदम सही कदम है इससे लोगो क पास रखा सोना जो शायद वो कभी इस्तेमाल नहीं करते , उनकी आय का साधन बनेगे और आम जनता को इस स्कीम से निश्चित रूप से फायदा होगा
में इसके पछ में हूँ

Sourav Adhikary
Sourav Adhikary 10 years 2 months ago

If this is assured and arranged, much of the reservation of the ordinary man will go away and the scheme is likely to be highly successful. If not, common people would hardly shed their reservation and instead of mobilising the household gold in the market, it would be only gold traders’ scheme.

Sourav Adhikary
Sourav Adhikary 10 years 2 months ago

Besides there must be a provision of standardization under which any person, with evidence of acquiring the gold under the said scheme at any point of time, can walk into a bank branch( or an intermediary like BIS standardization centre) and just sell the gold in standard coin/ bar form at any point of time in future at the price of the day of sale.

Sourav Adhikary
Sourav Adhikary 10 years 2 months ago

To strike a balance, there should be flexibility in redemption ( rather than just two options of bulk redemptions either in gold or cash, total cash redemption/ principal in gold+ interest in cash/ Total gold redemption- a range of these three alternatives ,and more if any other interesting ones are chalked out would be more appreciated).

Shailender Singh_1
Shailender Singh_1 10 years 2 months ago

Its very easy to all employs to save all date in this...
i am very happy to get it.

Sourav Adhikary
Sourav Adhikary 10 years 2 months ago

This applies particular to those customers who would like to redeem their deposit in gold itself after the stipulated time. While it is understood that government would be more interested in monetisation of larger bulk of gold, being too insistent and aggressive on it would turn off many potential depositors at the very beginning.

Sourav Adhikary
Sourav Adhikary 10 years 2 months ago

Lacking in universality, there persists this partiality among jewellers between buying back the gold sold form the same jeweller and buying gold sold by some other jeweller, even in case of hallmarked gold coins/bars.

Sourav Adhikary
Sourav Adhikary 10 years 2 months ago

4 Similar thing applies to jewellers as well. They also sell Hallmarked coins/ mini bars, are not really interested to offer the right price to the ordinary man if he had bought his gold from some other jeweller even if the gold was hallmarked.

Sourav Adhikary
Sourav Adhikary 10 years 2 months ago

3 As is widely known, earlier also Banks used to sell Hallmarked Gold coins but would not buy them back. And when the customer wants to sell them at external marketplace he does not always get the right price as the buyer (jewellery shops usually) would often charge certain percentages.

Sourav Adhikary
Sourav Adhikary 10 years 2 months ago

2 Whether one can opt for fresh gold/ cash redemption option everytime one opens/reopens/ renews an account or is it a lifetime choice that one makes? There should be flexibility.

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