The following are the 3 Gold Schemes, termed as as the
"Sone Pe Suhaga", launched by the Prime Minister Narendra Modi on 05th
November 2015:
- Biscuits,
- Coins and
- Jewels
Gold Monetisation Scheme /GMS:
The Gold Monetisation Scheme /GMS- 2015 will replace the
existing ‘Gold Deposit Scheme-1999’.
According to the Government of India, there are about 20,
000 Tonnes of Gold worth about Rs 52.4 Crores are lying idle / unused, in the Bank Lockers of
the Indian Families and with and of the Temples in India.
A minimum of 30 grams of raw Gold-Bars, Gold Biscuits, Coins and Gold
Jewellery, can be deposited under the Scheme and the jewels etc will be melted and the net weight only will be taken into account. And in the process the weight of stones and other metals like Copper and Silver mixed with Gold will be deducted.
There is ‘No Maximum Limit” for the above deposit of Gold
under the Scheme.
The Banks in India will collect Gold from the public as
deposit for periods up to 15 years,
Gold will be accepted at the ‘Collection and Purity Testing
Centres’/CPTC, certified by the ‘Bureau of Indian Standards’/BIS and notified
by the Central Government of India.
The deposited Gold under the Scheme will be auctioned and
lent to the Jewellers for their use for making jewels etc.
The Jewellers will pay interest at the rates from 2.25 to
2.5 per cent per annum, whereas, the earlier rate of interest under the Gold
Deposit Scheme-1999 had been 1 per cent per annum only.
However, the deposits outstanding under the Gold Deposit
Scheme will be allowed to run till maturity unless the depositors prematurely
withdraw them.
Sovereign Gold Bond Scheme:
The Sovereign
Gold Bond Scheme launched offers 2.75 per cent interest to domestic
investors.
Interest on gold bonds, which can be used as collateral for loans, will be payable every six months.
Interest on gold bonds, which can be used as collateral for loans, will be payable every six months.
The Sovereign Gold Bonds will be issued in multiple tranches,
subject to the overall borrowing limits of Government of India,
The Sovereign Gold Bonds will be issued for a period of
8 years, with exit option from the 5th
year, which may be exercised on the interest payment dates.
Applications for the Sovereign Gold Bonds under the First Tranche
will be accepted from 05th November 2015 till 20th
November 2015, and the Sovereign Gold Bonds will be issued on 26th
November 2015,
Under the Scheme, the Domestic Investors will get interest
at the rate of 2.75 per cent, payable every
6 months.
6 months.
The Sovereign Gold Bond Accounts may be used as Collateral
for Bank Loans.
The Scheme will reduce the physical buying of Gold by the
people for investment purposes.
The Sovereign Gold Bonds will be sold through the Banks and
Designated Post Offices in India
Gold Coin / Bullion Scheme:
Gold Coins under the Gold Coin /Bullion Scheme are the First
Ever National Gold Coins, minted in India; with the Indian National Emblem
‘Ashok Chakra’ engraved on one side and the Image of 'Father of the Nation'-Mahatma Gandhi on the
other side.
The National Gold Coins will be available through MMTC
outlets, in the following Denominations:-
Grams / Number of Coins:
- 5 / 15,000,
- 10 / 20,000 and
- 20 / 3,750.
Various schemes launched will increase the availability of
gold and bring down its import, thereby
getting more foreign exchange surplus.
Reception of the Gold Schemes launched by the
Government of India:
According to the Experts and Bankers the' Gold Monetization
Scheme' may not be preferred by the public depositors, due to the Income Tax
Concerns as to the declaration of the source of Gold etc.
The Investors should have to disclose their IT PAN Number
registered with the Income Tax Department for deposit of Rs 50,000/- and above
of Gold or Cash.
There will be a loss of Gold of 20 to 30 per cent of the
weight of the Jewels, as the jewels will be melted at the Certified Centers at
the cost of the Depositors.
The conventional Bank Deposits offering Interest at the rate
of 8 per cent and above will be more attractive than the above Gold Deposit /
Gold Bonds Schemes.
According to the Union Government of India, as the women of
India have been fond of acquiring gold for jewellery and as investment they are
led by the policies of ‘Graha Shashtra’ /Home Economics, whereas, by switching
over to the new Gold Schemes since launched will take them to understand and
follow ‘Arthashashstra’/Economics for and of the nation.
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