GOLD MONETISATION SCHEME

                     

Hello readers! How are you all? hope you enjoying the day.
Thoughts process throughout the day makes me feel alive from Morning till evening and till night but finding the right topic is quite tough task.
So for today i choose GOLD MONETISATION SCHEME, this topic will thoroughly cover all the aspects to GOLD LOANS.

GOLD MOENTISATION SCHEME is the initiative done by the Government to put out the gold in the households most likely it is about 20000 tons of gold is hold by the domestic public of India.

To turn this unused gold into a productive asset, the Government of India launched the Gold Monetisation Scheme (GMS). The scheme was launched by the Prime Minister of India in 2015 with an aim to mobilise gold and facilitate its use for productive purposes, which further will also help in reducing India’s dependability on gold imports. The scheme will also benefit Jewellers by allowing them to obtain loans. Lending institutions such as banks and NBFCs too will be able to monetise this gold. 


In the Union Budget (2015-16) speech, the government had announced to replace the existing Gold Deposit Scheme (GDS) (1999) and Gold Metal Loan (GML) Scheme (1998). But as GMS is a combination of the best features of both the schemes, RBI in a notification later clarified that GMS would include revamped GDS as well as GML. In the guidelines, the central bank has further clarified that the GMS will replace the existing GDS (1999) but the deposits outstanding under GDS will continue to run until maturity unless prematurely withdrawn by the depositors. Another important point mentioned in the notification is that the existing GML scheme will continue to run parallel to the GMS linked GML.

KEY BENEFITS FROM GOLD MOENTISATION SCHEME

• Mobilise idle gold:  Approx. 25000 tons of gold is in the form of no use so mobilizing gold will stablize economy.
• Earn interest: Immobilized gold is not the best idea but making investment through GMS will let some interest out of that investment.
• Avail secured storage: Gold invested is far more better then Gold at home so putting gold in GM scheme will secure gold from thefts, robbery and many other factors.
• Enjoy tax benefit: The earnings on the gold monetisation scheme are exempted from capital gains tax, wealth tax, and income tax. Even when the value of your gold deposit appreciates, capital gains tax will not be levied on it or on the interest you earn from it.
• Get flexibility on redemption: The gold depositor has the option to take either cash or gold on redemption. However, the redemption preference has to be mentioned at the time of deposit.
• Reduce the government’s reliance on gold imports:The mobilized gold will also supplement the RBI’s (Reserve Bank of India) gold reserves. It will also help the government in reducing the Government’s cost of borrowing. In the long run, it is also expected to decreases India’s dependency on gold imports.

  

My suggestions for you all to put money not in home but to invest in better way schemes like GMS offered by Government of India and Reserve Bank of India.

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