English
Ahead of the festive season of Dhanteras and Diwali , the Narendra Modi government has launched gold monetisation scheme. There are three different schemes launched to reduce the demand of physical gold. PM Modi also launched the first ever Indian gold coin bearing the Asoka Chakra. Under this new scheme launched the tenor of medium term would be between about 5 to 7 years. The long term would for 12 to 15 years. Through Gold Monetisation Scheme earning can be monitored up to 2.50 per cent interest rate on gold.
Indians are known to purchase a lot of gold jewellery as a form of asset, India has some 20,000 tones of idle gold, the gold monetization scheme will help covert the unproductive asset into a more productive one. But the scheme involves monetizing the gold in its purest form, so the asset will be melted so as to ascertain its pure gold value. The center aims at reducing the black money economy that is prevailing with these schemes.
The three different gold schemes are:
1. Gold monetization scheme: Activate your gold, secure it and earn interest at the same time.
2. Indian gold coin: Minted in India that makes the values of India.
3. Sovereign gold bond: Security and convenience of bonds empowered by the returning gold. It be issued in denominations of 5, 10, 50 and 100 grams of gold.The Bonds will be sold through banks as well as designated post offices.
The Gold Monetization will make gold available on loan from the banks. Also this will result in less import of gold. The Reserve Bank of India has fixed the price of sovereign gold bonds at Rs 2,684 per gram. Applications for the bond can be sent between November 5 and November 20 and it will be issued on November 26.
These bonds can be used as collateral for loans, and Voter ID, Aadhaar Card/PAN or TAN /Passport will be required when purchasing gold in raw physical form. The RBI will maintain the Gold deposit accounts in the name of the designated banks that will in turn hold sub-accounts of individual depositors.
The melting charges are mentioned here : Minimum charges upto 100 gms – Rs. 500 per lot, 100 gms to 200 gms – Rs 600, 200 gms to 300 gms – Rs 700, 300 gms to 400 gms – Rs 800, 400 gms to 500 gms – Rs 900, 500 gms to 600 gms – Rs1000, 600 gms to 700 gms – Rs 1100, 700 gms to 800 gms – Rs 1200,800 gms to 900 gms – Rs 1300 and 900 gms to 1000 gms – Rs 1400.
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