Gold Monetization Scheme

Yes, the gold monetisation scheme is good to monetise the liquidity of gold in the market.

But this scheme targets people who have gold in range above 3-15 grams.

Those who have large holdings of gold might have earned from an illegal way. So they avoid these legal steps of monetisation.

On the other side, those who have less (3 Gram) gold they do not want to deposit gold because they only prefer bank locker, or home locker as they require to wear many times in the function multiple times in a year.

The Gold Monetization Scheme (GMS) is an initiative launched by the Government of India in 2015 to encourage people to deposit their idle gold holdings into the banking system.

The primary aim of the scheme is to reduce the dependence on gold imports, thereby improving India's trade balance, and allowing individuals to earn interest on their unused gold.

The Gold monetization scheme is good for Indian citizens because in India people are more interested in purchasing gold and storing it. So the government Launched this scheme for the people of India to deposit gold in any respective bank. Here you will get some amount of interest and your gold will be safe there this is good for India.

Gold monetization scheme is good for Indian citizens because in India people are more interest in purchasing gold and store them so government Launched this scheme for people of India deposite gold in any respective banks and here you will get some amt of interest and your gold will be safe there and this is good for India it will mobile and we don't need to be so much import gold.

I am Vaishnavi. Our topic is on gold monetization as it was introduced in 2015.
We know that every coin has two faces as well as here gold monetization scheme is also having pros and cons. Let me talk what r the cons of gold monetization.

There will be lock in period in this scheme. Secondly, the gold which you deposited in bank cannot be given in the same form it will be given in gold bars. Finally there can be involvement of IT in this Scheme. Thank you

Gold monetisation seems to profitable.

Because in India for an employee or farmer when it comes to saving, most of us are not masters in real estate and share market and also because of all other formalities and technicalities, we prefer either FD, or buying gold, to just counter or cope up with yearly inflation.

So, gold monetisation does not only provides the extra rate of interest along with the increasing value of gold.

But the question is how much it will be successful in India. So I believe that in India gold is attractive in two ways.

1) to design jewellery and.

2) keep it to mask black money.

People who are obsessed with jewellery will prefer to invest in gold in the form of jewellery.

And for those who are masking their black money, hardly there is any chance of depositing the same in the bank.

And the uncertainty of the survival of the banks too. Afraid if they keep our gold lock.

Thanks.

Hello everyone,

In Indian homes, there were tons of gold is lying idle. Hence Government of India launched the gold monetization scheme to turn this gold into a productive asset. In 2015 Prime Minister of India launched this scheme which aims to mobile gold and uses it for the productive purpose it ultimately reduces the import of gold from other countries. This scheme also beneficial to Jewellers by allowing them to obtain loans. In 2015 and 2016 government also announced gold deposit schemes and gold metal loan schemes but these schemes are under the guidelines of RBI.

Hello everyone.

The gold monetization scheme is launched by honorable prime minister Modiji in 2015. Under this scheme, we can deposit gold in the form of jewelry, coins, raw gold, etc in banks and banks provide safety to our gold as well as gives interest. Before the gold monetization scheme banks used to charge on deposit of gold from us. But now the condition is changed.

There are 3 ways to deposit our gold in the bank as follows.

1. Short-term gold deposit (1-3 yrs).
2. Mid-term gold deposit (3-5yrs).
3. Long-term gold deposit (more than 5yrs).

Benefits of this scheme-.

1. Provides security to our gold so no risk.
2. They give interest to us.
3. Saves our tax.
4. Reduces the import of gold by the government from foreign countries.

Overall it's a very great initiative taken by the government.

Thanks a lot!

Hii friends.

The topic for group discussion is "GOLD MONETIZATION".

The scheme of gold monetization is a big advantage of the Government. This Monetization Scheme will help both people and government. People can monetize their gold by depositing it with a bank as a term deposit and obviously it is better to keep gold in bank than in the house. Bank will take all responsibility about the gold so no worrying the theft. Additionally, A bank is not required to compensate you if your gold is stolen or destroyed while it is in a safe deposit box. Before this scheme, to keep the gold in the bank, they used to take a high charge on the gold, but now the bank are giving money for deposit the gold.

Under GMS minim gold deposit at any time is 30 grams of gold (bar, coins, jewellery excluding stones and other metals).

The minimium deposite at any time shall be 10 grams of raw gold and there is no maximum limit for deposit under the scheme.

Hello everyone,

Myself Sohan our topic is the monetization of gold. In my opinion monetization of gold is a very good initiative by the government of India. It was launched under PM Narendra Modi government. Under this scheme, people can deposit gold in form of jewelry, coins, etc in the bank and they will get interested on this basis of deposition annually. Under this scheme minimum 30 gm of gold should be deposited and the is no upper bar limit on deposition. People can be deposited for a different time period such as short term (1-3 yr), medium-term (3-5 yr), and long-term (more than 5 yr). They can withdraw at any time but they have to interest before the time.

Some of the benefits of GM:

1. It ensures the safety of gold as it saves from robbed.
2. It helps to earn some money in the form of interest.
3. It reduces the government from import of gold.
4. It helps to save the mobilization of gold to foreigners.
5. It helps the people from tax.