So much pressure to handle. So much expectations to be fulfilled by this Modi government. It was not easy for our union minister to draft a budget that can fulfill the needs of every person in the country. He tried hard to establish peace between so called poor and rich.
One of the schemes that he promised to launch and had already taken so much of attention is on the go write and government is demanding views of all the countrymen to either have such a scheme or deny it.
So let go in deep and find out what thus scheme is all about. This scheme is called " gold monetization scheme". As the name suggest the scheme is to monetize the gold supplied by the people.
In the union minister told that Indian gold reserves are more than 20000 tonnes and most of the gold stay in the safes of the people and is never taken out of these locker for the use or any purpose. Demand of gold in India is too high and we bring 800-1000 tonnes of gold from foreign countries which leads to loss of foreign currency.
This scheme will will override both the schemes of gold loan and gold deposition. People will be allowed to deposit their gold in the banks and get the interest on it. Traders will have the right to get loans on the gold.
Union minister had also promised to launch Indian gold coin which will marked by an Ashok chakra. This scheme is in the drafting state and you can offer your valuable suggestions.
The main parts of this scheme are as follows.....
1. Limit had been set up for the common people to deposit gold.
2. At least 30 gram of gold has to be submitted in the bank.
3. Government is still thinking about the amount of interest that the banks are going to give to the people.
4. According to some sources government can provide a interest of 4 to 5 percent.
5. Banks are going to earn money by lending this gold to the jewellers. This is going to be the way by which interest is going to provided to the people.
6. According to a article in " the tribune" if the government is able to take out at least 200 tonnes of gold from the houses or temples then it is going to save approximately 60000 crore rupees or 9 billion dollars in India.
7. People are going to take out interest either in the form of gold or in the form of Indian currency.
You can also read one 1st year report this government here.
I was only up to tell about the advantages of the scheme but if you know the disadvantages of this scheme you are invited to tell them in the comments section.
Please do share your views.
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