• Basic Highlights of The Gold Schemes Launched in 2015

    Three new gold schemes launched by the Prime Minister this month aim to monetize the idle gold currently gathering dust in family lockers and temples.

    Here are a Few Highlights of The New Schemes.

    • In order to auction off and lend gold to jewellers, banks will now collect gold for up to 15 years and pay an interest of 2.25% – 2.50% per year. Previous interest rates were around 1%.
    • The total average estimate of the value of gold being held in family lockers and temples is around Rs.52,40,00,00,00,00,000 (52.40 lakh crore).
    • The current estimate on the weight of gold lying unused is 20,000 tonnes.
    • Under the scheme, depositors can deposit a minimum of 30 grams of gold, with no upper limit on how much can be deposited.
    • Raw gold in any form can be deposited – bars, coins, and jewellery (with no stones or other metals).
    • Under the Gold Sovereign Bond scheme, 2.75% interest is offered to domestic investors, in order to curb the purchases of physical gold. These bonds can be used as collateral against loans, and the interest is payable every 6 months.
    • A new gold coin has been launched, which has the Ashok Chakra engraved on one side. It is available in weightages of 5 and 10 grams. A new 20 gram gold bar is also now available for purchase.
    • Potential depositors may not take up the monetization scheme because the tax department could question the source of the gold being deposited.
    • If the value of the gold being deposited is over Rs.50,000 (which it will definitely be, if the minimum deposit amount is 30 grams) the depositor must disclose and place on record his / her Permanent Account Number (PAN).
    • Jewellery will be melted at certified centres on the depositors dime, and will likely be the cause of the depositor losing 20% - 30% of the value of the gold in terms of weight. Conventional bank deposit rates are around 8%, far more attractive with less hassle.
    • The current account deficit in 2013 was around Rs.12.48 lakh crore, which prompted the government to push up the import duty to 10%.

    Read more on Gold

    Gold Rate In Metro Cities
    Gold Rate In Other Capitals
    Gold Rate In Other Major Cities
    Gold Rate In States
    Bank Gold Schemes
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