CENTRAL GOVERNMENT SCHEMES
Gold Monetisation Schemes-2015
Launched: 04 November 2015
Main Objective: To reduce the reliance on gold imports over time.
The programme is to lure tonnes of gold from households into the banking system. Under the scheme, people can deposit gold into the banks and earn interest based on the value of the gold.
ABOUT COMPLETE SCHEME
The people will get access to a lot of advanced facilities like excellent transportation facilities, electricity through smart grid, advanced applications, modern technology to change city government and various other solutions. The smart city mission will digitize India, allowing government to ditch paper-based reports and adopt modern way of generating reports and handling work. Know more about smart city and its solutions here
Gold lying in the locker appreciates in value if gold price goes up but it doesn't pay you a regular interest or dividend. On the contrary, you incur carrying costs on it (bank locker charges). The monetisation scheme will allow you to earn some regular interest on your gold and save you carrying costs as well.
It is a gold savings account which will earn interest for the gold that you deposit in it. Your gold can be deposited in any physical form – jewellery, coins or bars. This gold will then earn interest based on gold weight and also the appreciation of the metal value. You get back your gold in the equivalent of 995 fineness gold or Indian rupees as you desire (the option to be exercised at the time of deposit).
There are many positives to depositing under the Gold Monetisation scheme
Benefits of Gold Monetisation Schemes
1. The gold monetisation scheme earns interest for your gold jewellery lying in your locker. Broken jewellery or jewellery that you don't want to wear can earn interest for you in gold.
2. Coins and bars can earn interest apart from the appreciation of value
3. Your gold will be securely maintained by the bank.
4. Redemption is possible in physical gold or rupees hence giving your gold purchase further earning opportunity.
5. Earnings are exempt from capital gains tax, wealth tax and income tax. There will be no capital gains tax on the appreciation in the value of gold deposited, or on the interest you make from it.