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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)
Vishwamitra Manav
Vishwamitra Manav 10 years 11 months ago
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mahipal jadeja
mahipal jadeja 10 years 11 months ago
Namste sir, I strongly believe gold import and its saving is important activity. Gold should be brought out from temple,trust and thekedar. They should put their stock ,storage in banks . Banks give them good intrest and safe storage.
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Ashwini kochar
Ashwini kochar 10 years 11 months ago
Announcement of Gold Deposit Scheme by the Finance Minister Mr Arun Jaitly in the budget session was welcome and visionary decision to monetize idle gold lying with lndian house hold,Religious Trusts,Gold ETF's and others to curb import of gold.I say visionary not in context of the scheme helping to reduce the import of gold helping Government maintain sustainable current account deficit but if successful may totally change the macro/micro outlook for Indian economy.Scheme if successful will imp
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Varun Iyer
Varun Iyer 10 years 11 months ago
From the customer/public standpoint:The rate of interest offered by banks should be at least 4% p.a. The gold should be allowed for premature withdrawal. From Bank's Standpoint: It is not advisable to include gold as a part of CRR as Cash Reserve Ratio of banks is used for systemic crisis management. Using gold instead of cash would make the banking system more exposed to risk as no asset can replace cash.
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Sujit Chakrabarti
Sujit Chakrabarti 10 years 11 months ago
This scheme may not be a success as deposited gold ornament will be melted and will be returned in different form without taking into consideration of making charge paid in the ornament. Govt. should pay making charge in the scheme. Only gold coin biscuit may be deposited, but not house hold gold ornaments.
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Gajendra Rathod
Gajendra Rathod 10 years 11 months ago
1) Gold saving account open in name of daughter should be given more interest rate. 2) Transfer of gold should be allowed to another gold account after maturity.
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pradeep Shah
pradeep Shah 10 years 11 months ago
On 31-05-2015 in his speech Maan Ki baat Respected PM Mr Narendra Damodardas Modi has CONGRATULATED the successful students on BOARD EXAMINATION RESULTS, and has encouraged the others stating to take failure as an opportunity lays foundation for success . But, what about very much deserving students who were left behind for the great privileged reservation categories, what foundation should they consider. Respected PM Mr NARENDRA DAMODARDAS MODI SIR, do you have explanation or just a speech.
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nalin singhal
nalin singhal 10 years 11 months ago
gold prices at the time of deposit and withdrawal shall be same and be decided by the GOVT. not by the bank. no hidden charges shall be there from the bank.
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Yerram Raju Behara
Yerram Raju Behara 10 years 11 months ago
60-65 percent of ornamental gold is in the South and most of it in rural and semi-urban areas. Gold jewelry is used as collateral security by the farmers - particularly, the small and marginal and leaseholders who are otherwise denied credit - to secure farm credit. The scheme has to have two windows: one for those who would like to avail it in as-is-where-is form and the other in convertible form either cash or gold bars. The scheme should have three windows. see the attached file.
gmf1.pdf
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