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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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All Comments

Showing 566 Submission(s)

Manish Goel_2 9 years 10 months ago

I as owner of gold should have option of either selling or placing deposit with the bank. If banks offer better transparent pricing why should I not be able to sell. This will help in reducing imports as Banks can then sell this local gold to jewel leers and reduce their imports. This will also institutionalize and develop a vibrant recycling market of domestic Gold.

Manish Goel_2 9 years 10 months ago

Banks should not be allowed to place the Gold as reserves. If this is allowed then Gold will go to RBI and will not come back to market. So there will not be any reduction in imports. If at all required then only a portion say 10% of total deposits taken should be allowed to be qualified for reserves.

Banks should be allowed to offer different interest rates for small and bulk deposits as is prevalent in rupee deposits.

Angshuman Purohit 9 years 10 months ago

The rate of interest on such deposits of gold which was the major spoiler in all attempts made in this direction till now, needs to be looked upon with greater detail and analytic rigour.
Informal markets drive rates of 15% p.a. as per BS, how will such low rates of interest work? The GoI should look to move away from the currently envisaged bank managed and controlled model to a more market based model where forces of demand and supply derive the rate of interest for such products.

Comments_and_views_on_the_Draft_GMS.pdf

Comments (1)

Rishi Om Saxena 9 years 10 months ago

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Akbar Ali Pathan 9 years 10 months ago

govt should also devise a proper evaluation system in banks as well as in private sector That will ensure and implement purity of new ornaments...intrest rest should be compatible to the open market.

R RAJA RAMESH 9 years 10 months ago

GOLD IS A MOVABLE PROPERTY , YOU MAY PLEASE TRY THIS WITH LOGIC WITH IMMOVABLE PROPERTY.

R RAJA RAMESH 9 years 10 months ago

THERE ARE SO MANY IDEAS ARE THEIR TO MAINTAIN THE ECONOMY OF THE COUNTRY.
THIS SCHEME WILL ALWAYS DISLIKE BY THE FEMALES. INDIA IS MY MOTHER COUNTRY SO HOW CAN I DESTROY THE MEMORIES. STILL WE ARE KNOWING THE HISTROY OF MANY KINGDOMS AND GODESS WITH THEIR WEALTH OF JEWELS AND LANDS.
SO THINK ABOUT THE NEXT.

R RAJA RAMESH 9 years 10 months ago

GOLD AND SILVER ORNAMENTS ARE GENERALY MADE WITH FEMALE TASTE AND INTEREST. THEY WANT TO KEEP THE FASHION FOR A LONG GENERATION TO PRETAIN THEIR VALUES.
NOWADAYS NO FAMILY LADIES ARE PREFERRED TO PLEDGE THEIR OWNED ( PARENTS / HUSBAND GIFTED ) JEWELES FOR THEIR FINANCIAL NEEDS. IN SUCH A CASE THEY NEED THE ORIGINALITY OF THE ORNAMENTS.
IN THIS CIRCUMSTANSES HOW THEY LIKE THIS SMALL INTREST SCHEME.
MORALLY FEMALES ARE VERY FUSS ABOUT THEIR CLOTHES AND ORNAMENTS.
NO CHANSE FOR THIS.

BHARATH KUMAR 9 years 10 months ago

People won't be ready for melting their jewellery for such a small income. .....

sunil kumar verma_6 9 years 10 months ago

Lock in period can extend to 2 year.