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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)
Ashok Minawala
Ashok Minawala 10 years 11 months ago
Now we when try to think of an idea to monetize a lot the gold that may be lying idle with people and temples we need to make sure that we need to create an environment of peace, trust and confidence in the minds of depositors. The Indian mind just does not get carried away with dictats and resolutions. We need a firm objective, clear vision, proper mindset with a clear road map to incentivise Indians to part with their gold with Banks. BUT it needs a good ROI framework.
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Ashok Minawala
Ashok Minawala 10 years 11 months ago
Every nation, that ever traded to the India, has constantly carried bullion, and brought merchandises in return. … commerce of the Romans to the Indies was very considerable … this commerce was carried on entirely with bullion … They want, therefore, nothing but our bullion, to serve as the medium of value, and for this they give us merchandises in return … that bullion was always carried to the Indies, and never any brought from thence. This was the reason we have 25000+ tons of gold wt public.
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Ashok Minawala
Ashok Minawala 10 years 11 months ago
For much of the last 2000 years of recorded history, India has been the largest buyer of gold. Roman historian, Pliny, lamented some 1800 years ago, how India, the sink of precious metals, was draining Rome of gold – an appellation that resonates even today. In the Indian North West, Greco-Bactrian coins were made (seemingly) from the “Roman gold coins, which poured into India.” To “manage” this drain of gold, Romans reduced the gold content in coins.
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Abhijit Patil
Abhijit Patil 10 years 11 months ago
There should be minimum or no charges to deposit gold in bank. There should be an insurance scheme applicable on gold depositted in bank. People should be motivated to keep gold in bank lockers and banks should maintain an online process for this, with seperate lockers and insurance scheme. By this way peoples will be motivated to keep their extisted gold in banks. This will also help to stop Black Gold and Blood Gold. There should not be any tax on importing gold and maintaining.
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Satishchandra Bharadwaj
Satishchandra Bharadwaj 10 years 11 months ago
It is true with every policy but it is more true when it comes to a call by the Government to the people to open an account with a bank under the Gold monitization Scheme to deposit gold in a quantity possible and/or they like for a particular period; and returnable with an lucrative incentive, THAT THEY BE FEEL MOTIVATED. IT IS A SURMOUNTABLE TASK ALL THE TIME BUT ONE TO BE ACCOMPLISHED IF THE POLICY IS TO BE A SUCCESS. SO, FIRST PRIORITY IS THE CONVINCING ACT.
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Harsh Kothari
Harsh Kothari 10 years 11 months ago
Key points to make it successful should be: attractive interest rate, liquidity. other than HNIs, mostly people buy gold to ensure they have a liquid investments, the deposit scheme should address the liquidity cirteria.
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pradeep Shah
pradeep Shah 10 years 11 months ago
On 26-4-15 in his speech Maan Ki baat Respected PM Mr Narendra Damodardas Modi emphasized on MAYLA MATHE PE DHONA (carrying dirt on head). The phrase was headline in each and every NEWS of the day. Is He really concern about this and made provisions of reservation in LOK SABHA, RAJYA SABHA, STATE VIDHAN SABHA, MILITARY etc etc etc ...... Such reservations are in place in other aspects of life. Respected PM Mr NARENDRA DAMODARDAS MODI SIR do you have explanation or just a speech.
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Rajesh Patel_9
Rajesh Patel_9 10 years 11 months ago
Win win situation for all 1. Citizen can release gold which hold in safe cupboard 2. Government Will get rolling cash to fund projects 3 bankers get money from market to loan the projects 4 20000 tonnes of gold will be available in the open market . This will reduce gold import for next 10 years. 5. Such scheme will educate the citizen not to buy gold since its a dead investment 6 people will be encouraged to save money in fixed deposit instead of gold We need to change the mind set.
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