it Rohit k vohra ..... In continuation of my previous message... This task should be given to nationalized bank with a target, RBI should give ads for it and Incentive on collection and Award to the best bank.... give 1% agency commission to LIC type agent to motivate people to open an account directly from RBI lets this be a big movement for next 3 years . if all goes well, well and good else Modify the policy.

24. Pledge / hypothecation / lien allowed on all forms of NGP

Government can exempt upto certain limit for taxing public on all deposit of gold jewellery or gold biscaits. This will reduce the consumption of gold as my earlier suggestion will enable public to get lease from approved jewellary shops to lend gold jewellary by getting rental from government. Over and above government can pay interest for such deposits which are exempted from income tax.

18. Electronic as well as documentary balance statement can be possible from all WHR, ETF, GSB
19. FSC – Indian Code will govern the rules
20. 1 unit of NGP ag INR will be traded on Spot basis on all the exchanges governed under SEBI, FMC
21. Liquidation of NGP to INR cash on Spot basis ONLY
22. Liquidation of NGP to 99.99 purity gold stock delivery only after 7 days
23. Liquidation of NGP to existing jewelry in same form & interest ito 99.99 purity gold in rounds of 0.1grams

13. Banks / Ware Houses can transfer stock to RBI vaults
14. Fixed set of stock with RBI can be considered for reserve management by RBI including selling / buying in international market
15. RBI can transfer some percentage of Gold Reserve for getting credit in Gold Nostro a/c in London
16. All POP of banks, ETF, Commodity ware houses to have standard assaying mechanism cleared by FSC – Financial Stability Commission
17. Counterfeit to be rejected at POP

7. 99.99 purity 1 gm = 1 unit of WHR = 1 unit of ETF = 1 unit of GSB = 1 unit of NGP
8. Transferability allowed between WHR, ETF, GSB
9. For all transactions in NGP, PAN is a must
10. Total balance in GSB a/c to be considered as CRR by banks with RBI
11. Banks gets Cash release for productive purposes
12. 1.5% pa interest to be paid on GSB ito NGP with not less than 0.1 NGP

Financial Stability Commission – Indian Code

New Gold Product = NGP

1. 99.99 purity of 1 gm = 1 unit NGP
2. Therefore 99.5 purity of 1 gm = 99.5/99.99 unit of NGP
3. like wise not allowed for purity less than 95
4. 99.99 purity 1 gm = 1 unit of ware house receipt = 1 unit of WHR
5. 99.99 purity 1 gm = 1 unit of Exchange Traded Fund = 1 unit of ETF
6. 99.99 purity 1 gm = 1 unit of Gold Savings Bank a/c = 1 unit of GSB

Government can collect gold jewels and gold biscaits from public by allowing them to draw equal amount of gold jewelry from any gold jewelary shops for certain period of time for which rental can be paid by government. This will avoid public to keep in bank lockers or house lockers which are often stolen. This will reduce or stop the purchase of jewelary by public who have already purchased a lot for their children and for themselves. This will improve the gold balance of our country.

Respected Prime minister, It is indeed a good step. As far as Interest is concern, 1% is a very low % to actually attract the hidden or parked gold in locker etc. Merely having a figure of 20000 tons and some statistical computation is not sufficient, out of 20 k ton,if you want best out of it , start giving lucarative deals like any marketing company dose. Current fiscal year offer - 5% Interest, on the basis of response reduce it to 4% in next year,than keep decreasing upto 1% or keep high

Sir,I will be glad to submit a draft scheme for Gold Monetisation with more practical outlook and some of the following features:
1.Melting of Gold jewellery not needed
2.All round participation
3.Spl mechanism for monetisation of gold in religious places
4.Convenient Operation mechanism with regulatory & Risk magmt perspectives
5.No intt. payment needed
6.Reduction in Base Rates/cost of lending by Banks
Pl.provide email address in order to send full scheme

Kuldeep Kumar