Mistake due to autocorrection! It is deterrent and not detergent !

The option to receive back the proceeds either in the form of Cash or Gold can be left open to be exercised at the time of redemption. Insisting that the option be exercised at the beginning will be a detergent as the depositor's preference at the time of redemption cannot be predicted early as also how he is going to utilise the certificate at a later date .For example he may choose redemption in the form of gold if his purpose is to gift to someone or in the form of cash if it is for himself.

Instead of insisting that the Certificate will be issued only in the name of the gold depositor, the scheme should permit getting the certificates in the name/s of spouse, children and other close relatives (including NRIs) also - as the husband/parent/owner will be able to gift these certificates to them.

भारत वासियों का सैंकडो टन सोना बेकार ही तिजोरियो और बैंक लोकरो में पड़ा है ।मगर जनता इस गैर उत्पादक सोने ( जिस पर कोई रिटर्न भी नहीं मिलता ) को सिर्फ इसलिए बेचती नहीं क्योंकि सुनार खरीदते वक्त अपना मोटा कमीशन काटता है।अगर सर्कार बैंक और डाक घरो की मदद से जनता से सोना उसकी पूरी कीमत दे कर खरीद करती है तो जनता भी अपना फायदा देख कर बेधड़क अपना गैर उपयोगी सोना सर्कार को बेचेगी ।और सर्कार वही सोना सुनार को बेचदे ।इससे देस का सोना आयत बहुत कम हो जायेगा ।और वही सोना बाजार में circulate होता रहेगा ।

I beleive the prices of Gold will fall after such scheme. It might incurr losses to people who would have used Gold as medium for investment. Care should be taken that such people should not face heat of the scheme and more benifit should be given to people who are willing to use this tool as SIP (i.e. for investing) rather than just using this scheme for dumping their gold ornaments.

I can save on Locker Fees, plus 10% interest will be added bonus :)

Fantastic idea. I wish to utilize the scheme. It is good to take 10 percent interest on the investment annually which means i have a 10 percent profit assured on the investment i make on gold henceforth.

Gold is part of life in India. Middle class peoples have conserves for ancestor and getting from parents and forefathers as in inheritances so it is difficult to give bills of It. and women wants to keep Gold in her hands to wear it on different occasions for what Govt. have to give Liberty to give it back any time to person. one more Question arises now govt. asking for Deposit after 2-3 year govt may Ask for Wealth Tax for middle class Tax payers on Gold. which should not be happen.

Mostly middle class and lower middle class families purchase gold not for savings. but only for wearing purposes. hence i dont think so middle class will use this scheme.

GST=1 %of sale
For Rs.10L sale pay Rs.10K GST
Advisable to take1% from 20 Taxpayer
than 20% from One
If Taxpayers=40Cr
Tax collection=40L-Cr