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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)
Sridhara
Sridhara 10 years 6 months ago
Very good initiative to monetize gold. 1. The scheme should have different interest rates for jewellery and gold bars. 2. do we need produce documents in support ( black and white gold) 3. if deposited gold is jewellery, will they be converted to bars, coins etc...
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SIVAJI RAVI
SIVAJI RAVI 10 years 6 months ago
SHRI MODI SAAB, there is a main complaint that "India has no dedicated privacy [7] and data protection laws [8] and the same has been interpreted by Indian Supreme Court in Article 21 of the Indian Constitution. India is also weak at protecting civil liberties in cyberspace.[9] A parliamentary committee also slammed Indian government for poor privacy laws in India.[10]." SO PLEASE IMMEDIATELY STRENGTHEN & CREATE OUR DATA PROTECTION LAWS and bring them immdiately into Enforcement & MAKE PRACTICAL
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Ramachandran Sankarasubramanian
Ramachandran Sankarasubramanian 10 years 6 months ago
Seems an excellent scheme... concerns: 1) Rate of interest and the value of Metal fluctuation 2) Purity of Gold on return. 3) Use of the metal for undue benefits. 4) What if the Metal looses its shine... say this year its Rs. 100, the next year it is deflated to Rs. 80?
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Lakshmana Munakala
Lakshmana Munakala 10 years 6 months ago
Two key points are not addressed in this draft proposal. 1) The proposed format of refunding gold after the maturity period. The mechanism of getting back the gold amount, up to the last milligram accuracy, has to be included in the plan. 2) When the gold is refunded, how to ensure the purity/quality of the gold is on-par with any international assayers. These two points need to be addressed in the scheme.
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Deepak Jacob
Deepak Jacob 10 years 6 months ago
A law must be formulated asking religious institutions to reveal the amount of gold in their custody which can be kept in banks and earn interest following the tirupathi model.Huge amounts are now needed for the keeping security of this gold especially trivandrum temple which needs Rs1 crore per day which can be used for the country's development.
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Dr P V Sreenivasaiah
Dr P V Sreenivasaiah 10 years 6 months ago
Gold is one metal that is being hoarded from the time immemorial in India and is serving no purpose but the fancies of womenfolk. It is time it should be harnessed into the economy. However, it is very difficult to motivate women into sparing gold. Therefore, the interest rate must be attractive; and a rate higher than those for NSCs/PPF/RDs/FDs or that similar to that on Personal loan would be acceptable for me.
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