Gold Monetization Scheme

Gold mobilization is a great move by the government of India because most people kept their gold at home and take tension from theft and no earn money from gold. That's why now they can also earn money by depos2their gold in banks take advantage of government schemes.

And due to this our GDP also increase simultaneously. The everyday cost of gold increases so we never earn money but this is the chance that we also make money.

Gold Monetization will help people earn money without even worrying about the safety of their gold. Most beneficial point if it will be that it will contribute to economic activity and therefore increase the GDP of the nation as savings don't contribute to the nation's economy. With people earning money as well as the country's economy going up, I and believe that it is a brilliant scheme by the government.

Warm Regards to all,

In my view, gold monetization scheme is a great initiative by our Government as we can keep our gold in any form in Gold Monetization Scheme and earn interest as the price of the metal grows up.

It is a fantastic avenue to earn some return which otherwise was parked in Bank Lockers or homes.

From the point of view of Taxmann, its transfer is exempt vide Section 47 and any interest earned on it is exempt u/s 10 (15) (vi).

Gold monetisation have following merits:.

-it is safer with the government.
-intrest revenue.
-helps in GDP growth.
-good for society and people both.
-better to use it instead of keeping it idle at home.
Thank you.

I think gold monetisation is good of every people as well as the country. Some people have a large amount of gold and they are worried about gold or theft. And this does not give extra money but gold monetisation gives you approx 2. 2-2. 5%per annum and also safe your gold.

Indians are very fond of Gold ornaments as everyone knows. We, just keep those in the locker and use occassionally to showcase our richness in the society. But, why we really need to keep something idle for years and years in lockers which has capability to increase your wealth? GMS is one such nice scheme by Govt, by which we can earn money with our Gold.

In my view, gold monetization is a great initiative taken by the government. In India people of most regions have a habit of buying gold as a symbol of status, as a result, there is an increase in import of gold to India every year. Gold is like static liquid it won't help for countries economic growth. Monetization helps both society and people. In the present scheme, the government is providing interest at the rate of 2.25-2.5 % depending on the period and value of gold deposited. We won't get anything if we store gold in our homes this scheme helps in getting interest from it and helps for countries GDP growth. Hence more awareness should be provided to people and scheme should be made succesful. Thank you.

GMS allows the depositors of gold to earn tax free market determined interest income (denominated in gold but recoverable either in gold or in rupee [mandatorily in rupee if it is deposited for a medium or long term]) from the pure gold they deposit with banks in their "Gold Savings Accounts" and permits the jewelers to obtain their raw material -gold bars created from the melting of the gold deposited with the banks- as loans in their "Metal account".

According to me, it'a great idea of gold monetisation because as we can see the liquidity of gold has been dec soo much so by this we can get gold back in the markets rather than storing them in banks lockers.