India is the world's largest gold consumption country. In this way, to meet its needs, every year 900-1000 tonnes of gold is imported. Whose negative impact is on the economy of the country. Whereas, about 20,000-24,000 thousand tonnes of gold is lying idle in homes, temples and trusts across the country. The government wants to get rid of this gold reservoir in the economy and put it in the economy. For this, the government is in the process of getting the gold monetization scheme and its draft note has been prepared. This scheme is expected to get cabinet approval soon.
Under the Gold Monetization scheme, the customer has to deposit his gold, jewelery and coins at the centers set by the government. After scrutinizing it, the customer will be issued a certificate equal to the quantity of gold after melting. On the basis of which the customer will be able to get interest by opening a Gold Savings account in the bank. The government will reduce the import of gold through this scheme, which can reduce its import by 10-20%. At the same time, the government expects that this scheme will reduce the import bill of gold. Which can be used to improve the economy and improve development. Gold Monetization Scheme will increase circulation of gold reserves in the country. Apart from this, the inclusion of Gold in CRR, SLR will increase the cash flows in the market.
Higher interest in gold monetization scheme
The government is preparing to launch the gold monetization scheme. His announcement was made by Finance Minister Jaitley in the Budget 2015-16. In fact, the government is going to resume the failed Gold Savings Scheme in 1999. Because at that time the scheme could not run due to low interest rate. The special feature of the new scheme is that people will get more interest on this. While the cost of sleep maintenance will also be left. At the same time, there is a plan to provide interest up to 2-3% for 1.5% and above for less than one year in the scheme. Apart from this, the customer depositing the gold in this scheme will start receiving interest from the same day on which he has taken it. Also, those who take the scheme will not have to give information about where the money has been raised to buy gold. For this, the maximum limit of gold has been fixed at 500 grams.
This is the proposal of Gold Monetization Scheme
Under this scheme, customers will have to deposit at least 30 grams of gold. In this, the customer will be able to keep gold coins and jewelery with the banks. Instead, it will be given the equivalent certificate of gold. On the basis of that certificate, the customer will be able to obtain interest by opening his Gold Savings account in the bank. The customers who will be associated with this scheme, by melting gold and jewelery in the other way, the government will re-use it to the market for its use. Whereas under this scheme, the customer has to deposit his gold with the bank for a minimum of one year. This scheme will also benefit the jewelers, they can also take a loan on their metal account.
How to get interest under this scheme
According to the draft of Gold Monetization Scheme of the Government, if the customer deposited 100 grams of gold and got interest of one per cent on it. So he will get the same price as 101 grams of gold. At the same time, it will be exempt from income tax, wealth tax, capital gains tax etc. on the earnings it earns. If a customer wants to get out of this scheme before time, then the amount will be paid according to the market price. While customers will also have the right to get paid gold as a gold or cash deposit under the scheme.
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