So after a long wait of more than three months, the draft guidelines of Gold Monetization Scheme is finally released by the government. Here are the details we know right now :-
1) The scheme is actually meant to mobilize gold held by domestic households. The gold which would be collected through this scheme would be lent to jewelers for making jewelry, so they don”t have to import the yellow metal.
2) One thing to understand about this scheme is that the gold will be melted and would not be kept in jewelry form. So if you were thinking that you are going to use this scheme as a safe and earn interest that is not going to happen. Gold collected from consumers would be melted at the centers and a certificate would be given to you stating the amount of actual gold you have melted. The minimum quantity of gold which you can use this scheme for is 30 grams. So even middle glass household can deposit there gold in this scheme.
3) Based on the certificates provided by these centers, you will be able to open “GOLD SAVINGS ACCOUNT” with the banks. Right now the name of the banks are not told but we accept that most of the major bank would be interested in opening these account. The interest rates on these account will vary by bank to bank and no lower or upper limit is defined. One t
hing to remember is the interest would not be given in Rs but in the form of gold only. So if you have a certificate of 30 grams of gold and the interest payable is 8%, after a year you will get a certificate telling that you have 32.4 grams of gold.
4) The customer would be redeemable at any time. The deposit will be in 1 year period and in multiples of that. The penalty for breaking the account before the maturity date would be decided by the Bank in which the gold deposit is kept.
5) Gold savings account will be exempt from any type of taxes.
This scheme woule/feedback more and more cities would be added in the time to come.The government expectation is lot of gold would come in economy once this scheme is launched. This scheme will be a win win for someone who he saving for his daughter marriage in gold as whatever you have saved you can deposit in the scheme and be assured of the returns. Apart from this you also get benefit of capital appreciation which will take place.