good scheme 1. they should not damage jewels amount should distribute needy

The cash payment part of the interest accrued must be higher than the gold accrued part in form of interest. If cash accrued part is high only then the whole scheme will benefit since we need to remove gold from circulation and remaining in homes. The cash payment must be atleast 5% and the gold part should be 1% and calculated in such a way that the cash component atleast 2 % more than gold component in projected manner to help govt in giving up that gold under any case.

So much of gold is there in temples. You can request temples to keep their gold with RBI if more than 100kgs and RBI can pay them interest. Here the banks are not involved. Many temples of ancient times have lot of gold in this case temples should not be forced by internally circulated to all temples who are having more than enough gold to perform pooja for god can submit it to RBI. RBI can increase forex holding and rupee value with the temple gold which are gifted and not utilised.

The gram value of rings and studs and small ornaments used by lower and middle class will not come near to 30 grams. If you want to prevent public from going to pawn shops and also money lenders and get interest for a longer period easily especially farmers and small traders like fireworks manufacturers who lend their gold to get loans, the minimum quantity should be brought down to 5gms and no charges on melting upto 10 gms. No charges on checking purity upto 10 gms will attract more public.

The charges should be borned by the government and RBI for melting and stone removal. Even jewellers currently dont charge the customers if they give their old gold for getting exchanged to new jewellery. The plan doesnt look good with the heavy melting charges and other charges which by itself will come to Rs. 1000 easily and public will be worried on the excessive charges. The interest rate paid to public if less than 5% will deteorate heavily from public in participating in gold scheme.

1. The melting of all gold submitted will discourage many users. Instead dead weight of gold after subtracting cost of gems and stones will help public deposit and also take back when needed. 2. If gold is melted many will shy away. 3. The testing of gold can be done by simple test why you need to melt gold. 4. The gold deposit scheme if not held only by banks and provided to gold jewellers also will help greatly and prevent pawn brokers who charge excessive interest rates on loans.

... Adding to my previous views, the interest should be little bit more in beginning so to attract more people and the Capital gain should be tax exempted.
Nothing comes up free, so little investment like ads through different media should reach to each and every citizen.

sir this is excellent idea to reduce import gold burden.it more attractive if u can increase rate of interest to5%.iam also suggesting you sir please encourage gold purchse via electrnic gold via mutual funds.i also urge you please rethink on service tax on mf distributors

This is really a great scheme, and pretty confident of bringing some change to the Indian economy. I would say almost all of our present government schemes are for the welfare of indian citizens and this would be become the one of the best if the government explain the terms and conditions clearly, specially to the rural areas. I would say it should be advertise on national channel and the information should be available everywhere like banks/ post offices/ and other community centres.

Gold Monitization Scheme is surely an innovative idea, a 'first' in the Indian context where gold is conceived as an asset and a tradition. The Scheme, in the fomative stage, needs both to be designed and drafted so as to address the apprehensions of the people with regard to safety and scrurity of their precious metal AS ALSO AS HOW AND IN WHAT WAY THE GOVERNMENT SHALL BE PUTTING IT TO USE BECAUSE THEY TEND TO BE WARY OF FATE OF THEIR GLITTERING ASSET.