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- Gold Monetization Scheme New Update | Jewelers Collection Partners India
New Delhi11 minutes ago
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Now you will be able to deposit your gold with jewelers (bullion traders) like a bank locker. According to sources, the government may announce a new and updated ‘Gold Monetization Scheme’ (GMS) in the next two weeks.
In the new scheme, bullion traders across the country can be included as ‘collection partners’, through which they will be able to collect gold from the common people. Earlier only banks were allowed to deposit gold.
Expected to collect 1000 tons of gold from the new scheme
‘All India Jewelers and Goldsmiths Federation’ (AIJGF) has said that making jewelers as collection partners under the new framework will speed up the collection of gold kept in homes. With this, it is expected that the government will be able to collect more than 1000 tonnes of gold from the market.
Bullion traders and jewelery associations of India had demanded the government to change the rules of this scheme. He had said that there should be no impact on the demand for gold in the country and the livelihood of the people associated with this sector, and the import of gold from abroad should also be reduced.
According to media reports, if even just 5% of the total gold held by Indian families is deposited in this new scheme, then it will bring cash worth about $ 90 billion (about Rs 8.57 lakh crore) into the country’s market.
This step of the government has come after the appeal of Prime Minister Narendra Modi, in which he had asked the people of the country not to buy gold for a year.
Benefits of the new gold monetization scheme
- Earning from sleeping at home: Instead of keeping the gold lying idle in homes in bank lockers, now by depositing it in this scheme, interest of 2.25% to 2.5% can be earned every year.
- Facility: Earlier, to deposit gold one had to go to only selected banks, which was quite troublesome. Now people will be able to easily deposit gold by going to trusted jewelers near them.
- Freedom from locker expenses: If you keep gold at home, there is a fear of theft and you have to pay rent for the bank locker every year. In this scheme, gold will be completely safe and locker expenses will also be saved.
- Option on Maturity: When the time of the scheme is over (on maturity), the common man will have the option to withdraw his money in the form of rupees or physical gold.
- Fear of tax and paperwork will reduce: The structure of the new scheme is being prepared in such a way that common families can reduce the fear of tax scrutiny on old gold and showing old bills or documents.
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