Accounting Training

Blog

Blog Archive


2015

Draft Gold Monetization Scheme

The Finance Minister in his budget speech for the Union Budget 2015-16 made the following announcement:

  • India is one of the largest consumers of gold in the world and imports as much as 800-1000 tonnes of gold each year.
  • Though stocks of gold in India are estimated to be over 20,000 tonnes, most of this gold is neither traded, nor monetized.
  • Keeping this in view, the government in Budget 2015-16 has announced the Gold Monetization Scheme which will replace both the present Gold Deposit and Gold metal Loan Schemes.
  • The new scheme will allow the depositors of gold to earn interest in their metal accounts and the jewellers to obtain loans in their metal account.
  • Banks/other dealers would also be able to monetize this gold.

attachmentDraft Gold Monetization Scheme

Financial Management