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