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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 ...
scheme success is depend on government intent to simplyfying the operational modalities.scheme should have the following pillars to stand upon
1)Rule/Regulation clarity-no hidden terms & conditions clause
2)transparent evaluation of gold-no chance of manipulation at test centres
3)legal obligation of bank/govt to pay for gold deposits,in case of bank failure
4)substantive interest rates:minimum& maximum interest rates to be defined in the policy
3)operational issue-online test centre book
The gold prices are going to head south as soon as the idle gold reaches banks, so will the gold imports. Gold will no longer be a safe haven for individuals and small investors who will be the biggest losers! Government needs to have a policy mechanism whereby the return value of gold is also linked to the depreciation in the rupee value!
Is there any policy for NRIs? Hope there will be nomination facility.
Brilliant policy. Please execute asap.
Though gold monetization scheme is exempt from income tax as well as capital gains tax in india. However, for NRI residents in USA & Canada have to pay taxes on interest earned on metal account on their residing countries. I think this scheme is no way attractive for NRI customers and fact of the matter is there are huge amount of gold deposits sitting in bank lockers of NRI customers in indian banks and that gold will never participate in this scheme.
I request gov of india to consider following:
1) The key factor to success or failure of gold monetization scheme depends on interest rate that how much banks are going to offer. Instead of leaving to the banks to decide interest rate, government of india / RBI should come up with minimum interest rate ( may be 4% ) and on top of that individual bank to decide how much more to offer to customers. Just like interest rate on savings account, banks being offered between 4% to 7% range.
It is not clear what are safeguards in the GMS to ensure that it does not become a scheme for converting black money into white. PAN Number should be made compulsory for opening an Gold Deposit Account. Also the minimum quantity should be further reduced to 10 grams to enable greater participation. If depositor opts for cash payment, the gold rate of which date will be considered. I feel gold rate as on deposit date for principal quantity and gold rate as on interest payment date should be taken
My views on the policy are:
1. Only 350 odd centers is very less for the success of the scheme. Imagine that the states in the North-East don't even have one such centre. Jewellers should be allowed to be the collection agents as well, which is currently the practice when buyers are exchanging/melting old jewellery for new.
2. Min interest rates should be defined by the government which is the crux of the scheme to be successful. The rates could be around 1% lesser than the gold lending rates.
As per my knowledge, jewellery is not included in this scheme. I feel it should be somehow included otherwise chances of getting it success is less.
1. I feel most of the gold which is not in the form of jewellery is black money. People will not deposit it. I know idea behind this scheme is to lesson gold import but it wont due to black money involved.
2. Interest should be significant (more than 4%) otherwise people may refrain from it.
My suggestion is to include the following:
1) The interest should be paid monthly, to ensure retired people to accept this scheme.
2) The value of the returned gold could be either the price at deposit or a simple average of the prices at the time of deposit and at the time of redemption, whichever is lower.
3) The interest rate should > 4% otherwise chances of failure is high
4) At the time of deposit give the customer a bar of artificial gold equivalent to the weight of gold deposited.